Tradebuddy.online – West Texas Intermediate oil turned positive in North American trade on Wednesday, after data showed that while oil, gas and distillate stockpiles in the U.S. all sharply.
for July delivery on the New York Mercantile Exchange gained 28 cents, or 0.4%, to trade at $66.62 a barrel by 10:32AM ET (14:32GMT) compared to being off around 0.5% at $66.03 ahead of the report.
The U.S. Energy Information Administration said in its weekly report that fell by 4.143 million barrels in the week ended June 8. Market analysts’ had expected a crude-stock draw of 1.440 million barrels, while the American Petroleum Institute late Tuesday reported a build of .
, the key delivery point for Nymex crude, decreased by 0.687 million barrels last week, the EIA said. Total U.S. crude oil inventories stood at 432.4 million barrels as of last week, according to press release, which the EIA indicated was “in the lower half of the average range for this time of year”.
The report also showed that decreased by 2.271 million barrels compared to expectations for a build of 0.443 million, while shrank by 2.101 million barrels compared to forecasts for a gain of 0.200 million.
Elsewhere, on the ICE Futures Exchange in London, for August delivery gained 42 cents, or around 0.6% to $76.32 by 10:37AM ET (14:37GMT), compared to being slightly down at $75.84 before the release.
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