Crude oil continued its rally on Wednesday, following reports of declining US oil inventories to levels that were last seen at the start of the year. West Texas Intermediate oil (for September delivery) rose 86 cents to USD $48.75 a barrel on the New York Mercantile Exchange, its highest closing level since 30 May 2017.

Meanwhile, Brent crude (September contract) ended 77 cents higher at USD $50.97 per barrel on the London-based ICE Futures Europe exchange.

Energy Information Administration (EIA) data, released on Wednesday, showed crude inventories fell 7.21 million barrels per day (bpd) last week to the lowest level since 6 January 2017. Meanwhile, the amount of gasoline/petrol inventories fell for the sixth week to the lowest level since December.

US crude stockpiles fell to 483.4 million barrels last week, while gasoline/petrol reserves fell 1.02 million barrels to 230.2 million barrels.

Coal Futures (January 2018 Contract):

18 July
19 July 20 July
21 July 24 July 25 July 26 July
 73.48  73.21  73.41  73.74  72.38  73.13  73.15

Source: Bisnis Indonesia