West Texas Intermediate crude (WTI) went higher by $1.95 per barrel and ended the session at $68.47, its highest level since 2014. According to reports, U.S. inventories plunged by 1.1 million barrels in the previous week - a drop caused by an increased demand.
A few months ago, the price gap between WTI and the Canadian oil sands blend, known as Western Canada Select, was more than $30 a barrel. Today, it’s slightly more than $17, as Canadian crude reached $50.93 the previous session.
Wall Street stocks ended the session mostly in positive territory due to an upbeat corporate earnings reports and a surge in petroleum-linked equities. S&P 500 closed higher by 0.1 percent to end the session at 2,708.64; the tech-heavy Nasdaq Composite Index edged higher by 0.2 percent towards 7,295.24. The Dow Jones Industrial Average, on the other hand, went down by 0.2 percent and closed at 24,758.07 after IBM tumbled 7.6 percent due to a negative 2018 profit outlook.
U.S. stocks have been recording significant gains lately due to better-than-expected earnings reports that helped investors ignore the ongoing trade tensions between the U.S. and China.