10 Jun 2015
Crude prices rise ahead of US inventory data
FXStreet (Mumbai) - Crude prices at both the sides of the Atlantic advanced on Wednesday as US inventory numbers, due later today, are expected to signal further slowing of shale oil production.
Crude extends rally seen on Tuesday, EIA raises demand forecasts
WTI Crude futures currently trade 2.09% higher at USD 61.41/barrel, while Brent futures trade 1.67% higher at USD 65.97/barrel. Prices had jumped more than 3% on Tuesday.
Oil also found support today from the American Petroleum Institute data released late Tuesday, which showed a 6.7-million-barrel drop in US commercial crude stocks. The US government’s EIA will issue official inventory data on Wednesday.
Oil bulls also cheer the fact that the EIA raised its 2015 world oil demand growth forecast by 20,000 barrels per day (bpd) to 1.25 million bpd.
Crude extends rally seen on Tuesday, EIA raises demand forecasts
WTI Crude futures currently trade 2.09% higher at USD 61.41/barrel, while Brent futures trade 1.67% higher at USD 65.97/barrel. Prices had jumped more than 3% on Tuesday.
Oil also found support today from the American Petroleum Institute data released late Tuesday, which showed a 6.7-million-barrel drop in US commercial crude stocks. The US government’s EIA will issue official inventory data on Wednesday.
Oil bulls also cheer the fact that the EIA raised its 2015 world oil demand growth forecast by 20,000 barrels per day (bpd) to 1.25 million bpd.