U.S. oil futures rose as much as 4 percent on Wednesday, underpinned by an unexpectedly large fall in U.S. crude inventories, but were still close to multi-year lows as supplies remained abundant and as OPEC lowered the demand outlook for its exports.
The data surprise prompted crude futures for both U.S. West Texas Intermediate and global Brent to rise to a session high.
WTI futures settled $1.36 higher, or 3.76 percent, at $37.50, having risen as high as $37.79. Brent futures were up $1.32, or 3.63 percent, at $37.42 a barrel, off a session peak of $37.44.
The Energy Information Administration reported crude inventories fell by 5.9 million barrels in the last week, compared with analysts’ expectations for an increase of 1.1 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2 million barrels, EIA said.
Baker Hughes also released data showing U.S. oil rigs falling by three. Oil rigs in the U.S. now total 538, but are still down 961 from a year ago.
Earlier data published by industry group the American Petroleum Institute had suggested U.S. crude inventories fell by 3.6 million barrels last week to 486.7 million.
Meanwhile, gasoline stocks rose by 1.1 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.4 million barrels gain. Distillate stockpiles, which include diesel and heating oil, fell by 661,000 barrels, versus expectations for a 2.0 million barrels increase, the EIA data showed.
Linn Energy LLC (NASDAQ:LINE) the stock traded at a volume of 9,339,070 shares. The share price is now down -44.44% for the past three months. Latest closing price was -24.46% below its 50-day moving average and -73.35% below its 200-day moving average.
While trading, WPX Energy Inc (NYSE:WPX) jumped 14.34% at the end of recent close. Its previous 52-week high was $14.65 trading at a volume of 8,634,172. Shares have fallen -55.10% over the trailing 6 months. The stock is currently trading -21.78% below its SMA 50 and – -40.17% below its SMA 200.
Anadarko Petroleum Corporation (NYSE:APC) closed at $51.50, up 6.08% from previous close and at a distance of -3.23% from 20-day simple moving average. Over the last 12 months, a return on equity of -35.10percent was realized due to the financial situation and earnings per share reached a value of $ -11.52. Last fiscal year, $1.08 has been paid in form of dividends to investors.