Oil futures prices soar to two-month highs as US shale slows, stocks drop.

摘要

US West Texas Intermediate (WTI) and UK Brent crude oil futures benchmarks jumped in the week to July 28 to the highest levels since the end of May, as US shale loses momentum and US inventories continued to plummet. Crude prices climbed each session during the week, while product prices also posted sharp increases. In addition to shrinking US stockpiles and Saudi's pledge to reduce supplies in August, oil market has been ascending since the beginning of July because the greenback index declined to a 14-month low on July 27. It is projected that Brent and WTI will deliver nearly 10 and 7 gains for the month respectively. Both futures are currendy in backwardation prior to July 31 contract expiration.