Crude oil futures extended the previous session’s gains to hit a seven-day high on Wednesday, as investors looked ahead to closely-watched weekly supply data on U.S. stockpiles of crude and refined products from the U.S. Energy Information Administration later in the day.
On the New York Mercantile Exchange, light sweet crude futures for delivery in June traded at USD89.77 a barrel during European morning trade, up 0.65% on the day.
New York-traded oil rose by as much as 0.8% earlier in the session to hit a daily high of USD89.86 a barrel, the strongest level since April 15.
Oil traders awaited data from the U.S. government on oil and fuel supplies later in the day to gauge the strength of demand from the world’s largest oil consumer.
The report was expected to show that U.S. crude oil stockpiles increased by 1.5 million barrels last week, while gasoline inventories were forecast to fall by 0.2 million barrels.
After markets closed Tuesday, the American Petroleum Institute, an industry group, said that U.S. crude inventories fell by 0.9 million barrels last week, confounding expectations for an increase of 1.6 million barrels.
Gasoline stocks dropped 2.7 million barrels, defying expectations for a 0.5 million barrel increase.
The U.S. is the world’s biggest oil consuming country, responsible for almost 22% of global oil demand.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for June delivery rose 0.5% to trade at USD100.84 a barrel, with the spread between the Brent and crude contracts standing at USD11.07 a barrel.
The European benchmark has been under heavy selling pressure in recent sessions, amid growing concerns over the euro zone’s economic outlook.
Wall Street investment bank Goldman Sachs cut its three-month outlook for Brent to USD100 a barrel from USD110 and lowered its 2013 forecast to USD105 from USD110, citing concerns over Chinese oil demand prospects. - investing.com
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| www.orangecommodities.com |
On the New York Mercantile Exchange, light sweet crude futures for delivery in June traded at USD89.77 a barrel during European morning trade, up 0.65% on the day.
New York-traded oil rose by as much as 0.8% earlier in the session to hit a daily high of USD89.86 a barrel, the strongest level since April 15.
Oil traders awaited data from the U.S. government on oil and fuel supplies later in the day to gauge the strength of demand from the world’s largest oil consumer.
The report was expected to show that U.S. crude oil stockpiles increased by 1.5 million barrels last week, while gasoline inventories were forecast to fall by 0.2 million barrels.
After markets closed Tuesday, the American Petroleum Institute, an industry group, said that U.S. crude inventories fell by 0.9 million barrels last week, confounding expectations for an increase of 1.6 million barrels.
Gasoline stocks dropped 2.7 million barrels, defying expectations for a 0.5 million barrel increase.
The U.S. is the world’s biggest oil consuming country, responsible for almost 22% of global oil demand.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for June delivery rose 0.5% to trade at USD100.84 a barrel, with the spread between the Brent and crude contracts standing at USD11.07 a barrel.
The European benchmark has been under heavy selling pressure in recent sessions, amid growing concerns over the euro zone’s economic outlook.
Wall Street investment bank Goldman Sachs cut its three-month outlook for Brent to USD100 a barrel from USD110 and lowered its 2013 forecast to USD105 from USD110, citing concerns over Chinese oil demand prospects. - investing.com
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