Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

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

CommoditiesJul 30, 2014 03:56AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
U.S. oil futures rise ahead of weekly supply data; U.S. GDP, Fed ahead

Investing.com - 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
 

Related Articles

Gold Up, Investors Await U.S Economic Data
Gold Up, Investors Await U.S Economic Data By Investing.com - Aug 04, 2021

By Gina Lee Investing.com – Gold was up on Wednesday morning in Asia. While receiving a boost from a weakening dollar, the yellow metal was stuck in a narrow range as investors...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email