U.S. crude oil futures rose in early Asian trade on Wednesday, as tension in Iraq cast doubt on the OPEC member’s oil growth targets and U.S. crude stocks fell more than expected.
U.S. July crude gained 20 cents to $106.56 a barrel as of 0010 GMT after it ended 54 cents down at $106.36 a barrel in the previous session. The U.S. July contract expires on June 20.
Brent crude for August delivery lost 20 cent at $113.25 a barrel. It settled 51 cents higher at $113.45 per barrel. The United States put the onus on Iraqis to defeat a Sunni insurgency on Tuesday as President Barack Obama prepared to meet leaders of the U.S. Congress to discuss the onslaught in Iraq.