U.S. crude futures extended gains towards $68 a barrel on Thursday, buoyed by positive inventory data. Investors are turning their focus to U.S. jobs data due on Thursday and Friday for clues on the strength of demand in the world’s largest economy and oil consumer.
U.S. crude futures had risen 31 cents to $67.69 a barrel by 0010 GMT, after a 50-cent gain in the previous session. Selling pressure remained strong in Brent which settled below $70 on Wednesday after a report suggested Saudi Arabia expected still lower prices for oil.
U.S. crude stocks fell more than expected last week as refineries hiked output, while gasoline and distillate inventories both rose, data from the Energy Information Administration showed on Wednesday.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.