WTI Crude Oil Approaches US$50 bbl

Crude oil prices jumped to the highest levels since June on higher than expected US inventory decline. The front-month WTI contract rose +2.34% and settled at 49.83, while the Brent contract added +1.95% and closed at 51.89, the third day of settling above 50. The surprisingly strong ISM non-manufacturing report supported equities, as well as US dollar and Treasury yields. Wall Street gained with DJIA and S&P 500 rising +0.62% and +0.43% respectively,