Oil prices added to earlier gains Wednesday after data from the U.S. Energy Information Administration showed that domestic crude supplies fell by 2.5 million barrels for the week ended June 16.
Analysts surveyed by S&P Global Platts expected a decline of 2 million barrels, while the American Petroleum Institute late Tuesday reported a fall of 2.7 million barrels, according to sources.
Gasoline stockpiles also fell by 600,000 barrels, while distillate stockpiles rose by 1.1 million barrels last week, according to the EIA. August crude CLQ7, +0.83% rose 47 cents, or 1.1%, to $43.98 a barrel on the New York Mercantile Exchange. It traded at $43.77 before the supply data.
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.
Dean Popplewell
Latest posts by Dean Popplewell (see all)
- If in doubt, look to the Fed for direction - 09/25/2018
- Brexit sterling shorts back to July 2016 levels - 09/24/2018
- Canada: Wholesale trade, July 2018 - 09/24/2018