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MTECHTIPS:-WTI oil futures extend gains after bullish U.S. supply data
MTECHTIPS:-WTI oil futures extend gains after bullish U.S. supply data
West Texas Intermediate oil futures rose to the highest level in almost four weeks on Wednesday, after data showed that oil supplies in the U.S. fell for the sixth consecutive week last week. On the New York Mercantile Exchange, crude oil for July delivery hit an intraday high of $61.81 a barrel, the most since May 13, before trading at $61.61 during U.S. morning hours, up $1.47, or 2.44%. Prices were at around $61.25 prior to the release of the inventory data. The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories fell by 6.8 million barrels in the week ended June 5. Market analysts’ expected a crude-stock fall of 1.7 million barrels, while the American Petroleum Institute late Tuesday reported a decline of 6.7 million barrels. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, declined by 1.1 million barrels last week, compared to estimates for a drop of 0.8 million barrels.Total U.S. crude oil inventories stood at 470.6 million barrels as of last week, remaining near levels not seen for this time of year in at least the last 80 years. The report also showed that total motor gasoline inventories decreased by 2.9 million barrels, while distillate stockpiles increased by 0.9 million barrels. Energy traders have been paying close attention to gasoline stockpiles in recent weeks as the U.S. driving season entered its peak gasoline demand period.
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