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U.S. oil futures higher ahead of weekly supply report, U.S. GDP

CommoditiesJul 30, 2014 03:56AM ET
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U.S. oil futures rise ahead of weekly supply data; U.S. GDP, Fed ahead - West Texas Intermediate oil futures edged higher on Wednesday, as investors awaited the release of weekly supply data out of the U.S. later in the session to gauge the strength of oil demand from the world’s largest consumer.

On the New York Mercantile Exchange, crude oil for delivery in September rose 0.45%, or 45 cents, to trade at $101.42 a barrel during European morning hours. Futures held in a tight range between $100.86 and $101.44 a barrel.

U.S. oil futures fell to $100.37 a barrel on Tuesday, the lowest since July 16, before settling at $100.97, down 0.69%, or 70 cents.

New York-traded oil futures were likely to find support at $99.60 a barrel, the low from July 16 and resistance at $103.31 a barrel, the high from July 24.

Wednesday’s government report was expected to show that U.S. crude oil stockpiles fell by 1.5 million barrels last week, while gasoline stockpiles were forecast to increase by 1.3 million barrels.

After markets closed Tuesday, the American Petroleum Institute, an industry group, said that U.S. crude inventories fell by 4.4 million barrels in the week ended July 25, compared to expectations for a decline of 2.1 million barrels.

The report also showed that gasoline stockpiles increased by 60,000 barrels, while distillate stocks rose by 547,000 barrels.

Traders also looked ahead to the release of preliminary data on U.S. second quarter growth and the Federal Reserve’s latest rate statement, both due later in the session.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for September delivery eased up 0.06%, or 7 cents, to trade at $107.79 a barrel, as traders awaited new developments from Ukraine and the Middle East.

The European Union and the U.S. imposed further sanctions against Russia over Moscow's support for separatist rebels in eastern Ukraine on Tuesday, while fighting in the Gaza Strip between Israeli security forces and Hamas militants continued.

U.S. oil futures higher ahead of weekly supply report, U.S. GDP

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