crude oil Futures clearing prices rose on Wednesday as data showed that US gasoline stocks fell more than expected.

Traders said gasoline futures carried forward to push up crude oil prices, although the data of Energy Information Administration (EIA) were unfavourable to crude oil prices. EIA released data showed that as of August 12th, the US crude oil inventories increased by 4 million 200 thousand barrels a week, with a slight decrease expected. In addition, as the New York Mercantile Exchange's September crude oil options contract is about to expire, a strong interest in buying oil has also pushed up the price of crude oil.

Light and low sulfur crude oil in September futures The settlement price rose 93 cents to $87.58 a barrel. ICE Brent crude oil futures clearing price rose $1.47 in October to $110.60 a barrel.

Crude oil futures rose to a high of 89 US dollars per barrel, hitting the highest level in August 4th. But as the US stock market went down, crude oil futures fell from high. In view of the failure of oil prices to hit $90 a barrel, some traders expect oil prices to fall down at $85 a barrel.

Although EIA data are favorable for gasoline prices, there is obvious concern in the market, which may lay a weak foundation for further oil price rise. EIA data showed that when the weekly gasoline inventories fell 3 million 510 thousand barrels, it was expected to drop by 1 million 200 thousand barrels. But gasoline demand fell 2.8% from a year earlier, hitting the lowest level in 10 years.

Traders say the export market remains a concern for us refiners. focus Because domestic demand for petroleum products continues to lag behind.

In September, the RBOB gasoline futures settlement price rose 1.65 cents to 2.8703 dollars per gallon. The price of heating oil futures rose 2.9 cents in September to $2.9616 a gallon.