Oil hits fresh lows after EIA data-inspired spike

Crude prices spiked higher but quickly retreated after official data showed US crude stocks unexpectedly fell in the week ended Sep 9.

The EIA said crude stocks fell by 559,000 barrels, against expectations of a 3.8 million barrels rise and following a huge fall of 14.5 million barrels in the previous week.

West Texas Intermediate crude for October moved higher as the knee-jerk reaction, hitting a high of $45.14 a barrel, before slumping to even lower levels, with a low made at $43.76 a barrel so far. WTI was last down 2.14% at $43.94/bbl.