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Crude oil futures edge higher on supply report

Published 06/04/2014, 02:46 AM
Updated 06/04/2014, 02:46 AM
Oil prices gain ground on supply data, eyes on government report

Oil prices gain ground on supply data, eyes on government report

Investing.com - Crude oil futures edged higher on Wednesday, as supply data published on Tuesday lent support to the commodity, while markets eyed the release of U.S. data later in the day for further indications on the strength of the country's economic recovery.

On the New York Mercantile Exchange, U.S. crude oil for delivery in July traded at $102.84 a barrel during European morning trade, up 0.17%.

Prices added 0.19% on Tuesday to settle at $102.66.

Futures were likely to find support at $102.10 a barrel, the low from June 2 and resistance at $103.56 a barrel, the high from May 30.

Oil prices gained ground after the American Petroleum Institute reported on Tuesday that crude inventories fell by 1.4 million barrels in the week ending May 30 to 382.5 million barrels, compared with expectations for a decrease of 300,000 barrels.

Meanwhile, traders were eyeing a string of U.S. economic reports to be released later in the day, after official data on Tuesday showed that U.S. factory orders rose 0.7% in April, beating expectations for a 0.5% gain, after an upwardly revised 1.5% increase in March.

Market participants were also awaiting government data on U.S. oil inventories, due later in the trading session.

Elsewhere, on the ICE Futures Exchange, Brent oil for July delivery edged up 0.11% to trade at $108.95 a barrel, with the spread between the Brent and crude contracts standing at $6.11 a barrel.

Latest comments

Ok. I'm angry. When I first started driving in 1998, gas was like .95 cents a gallon. Now it's like 3.85 a gallon. This is destroying the middle class the most out of everything I think. Dang it, I shoulda got a 100 ton drum of gas in like 99 and kept the dang thing.
US crude oil inventory .....
is it tomorrow....???
API' s report minus 1.4 mln barrels...
minus 3.4mln brls
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