Investing.com - Oil futures traded to the upside in the early part of Wednesday’s Asian following the release of some inventories data after the close of U.S. markets Tuesday.
On the New York Mercantile Exchange, light, sweet crude futures for July delivery rose 0.47% to USD93.75 per barrel in Asian trading Wednesday after settling up 0.68% at USD94.09 a barrel on Tuesday in the U.S.
The American Petroleum Institute said U.S. oil inventories fell by 7.8 million barrels last week. Gasoline supplies fell 1.3 million barrels while distillate supplies jumped by 241,000 barrels. The more widely weekly inventories data from the U.S. Energy Department is due out later Wednesday.
On Tuesday, the U.S. Commerce Department reported earlier that the U.S. trade gap widened 8.5% in April to USD40.3 billion from USD37.8 billion in March, though the figure did come in below estimates for a USD41 billion deficit.
U.S. imports rose 2.4% in April to USD227.7 billion, while exports increased 1.2% to USD187.4 billion.
The Energy Information Administration says oil production in the U.S. has jumped 26% in just the past two years and some market participants believe production in the U.S. will exceed imports this year. The shale boom in places such as North Dakota, Texas and other parts of the U.S. is helping drive the production surge.
In unadjusted terms, U.S. oil imports in April were the lowest in nearly two decades, proving the world’s largest oil consumer is reducing foreign imports. Canada is the because exporter to the U.S., but the U.S. does import from OPEC members such as Nigeria and Venezuela.
Elsewhere, Brent crude futures for July delivery rose 0.17% to USD103.46 per barrel on the ICE Futures Exchange.
On the New York Mercantile Exchange, light, sweet crude futures for July delivery rose 0.47% to USD93.75 per barrel in Asian trading Wednesday after settling up 0.68% at USD94.09 a barrel on Tuesday in the U.S.
The American Petroleum Institute said U.S. oil inventories fell by 7.8 million barrels last week. Gasoline supplies fell 1.3 million barrels while distillate supplies jumped by 241,000 barrels. The more widely weekly inventories data from the U.S. Energy Department is due out later Wednesday.
On Tuesday, the U.S. Commerce Department reported earlier that the U.S. trade gap widened 8.5% in April to USD40.3 billion from USD37.8 billion in March, though the figure did come in below estimates for a USD41 billion deficit.
U.S. imports rose 2.4% in April to USD227.7 billion, while exports increased 1.2% to USD187.4 billion.
The Energy Information Administration says oil production in the U.S. has jumped 26% in just the past two years and some market participants believe production in the U.S. will exceed imports this year. The shale boom in places such as North Dakota, Texas and other parts of the U.S. is helping drive the production surge.
In unadjusted terms, U.S. oil imports in April were the lowest in nearly two decades, proving the world’s largest oil consumer is reducing foreign imports. Canada is the because exporter to the U.S., but the U.S. does import from OPEC members such as Nigeria and Venezuela.
Elsewhere, Brent crude futures for July delivery rose 0.17% to USD103.46 per barrel on the ICE Futures Exchange.