Oil futures climbed to end Wednesday at a five-month high, as U.S. government data showed that domestic crude supplies fell for a third week in a row.
Despite a 2.2 million-barrel shift from the Strategic Petroleum Reserve into commercial inventories, “a drop in oil imports and ongoing strength in Gulf Coast exports has led to another inventory draw” for crude, Matt Smith, director of commodity research at ClipperData, told MarketWatch, adding that “similar to last week, the draw was on the U.S. Gulf Coast, down 6.7 million barrels.”
Serinus Energy plc (LON:SENX) is an international oil company with operations in Romania and Tunisia. The focus of the Company is to enhance shareholder value by growing oil and gas production through the efficient allocation of capital.