NEW YORK, Aug 18 (Bernama) -- Oil prices climbed on Wednesday after data showed a marked drop in US crude stockpiles, reported Xinhua.
The West Texas Intermediate for September delivery added US$1.58, or 1.8 per cent, to settle at US$88.11 a barrel on the New York Mercantile Exchange. Brent crude for October delivery increased US$1.31, or 1.4 per cent, to close at US$93.65 a barrel on the London ICE Futures Exchange.
The US Energy Information Administration (EIA) reported Wednesday that the nation's crude oil inventories decreased by 7.1 million barrels during the week ending Aug 12.
Analysts polled by S&P Global Commodity Insights had expected a fall of 1.7 million barrels in US crude stocks.
The EIA publication also showed that total motor gasoline inventories fell by 4.6 million barrels last week, while distillate fuel inventories increased by 0.8 million barrels.
-- BERNAMA
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