|
Brent crude futures inched up 7 cents, or 0.08%, to $86.31 per
barrel at 0925 GMT. U.S. West Texas Intermediate crude futures
gained 5 cents or 0.06% to $82.86 per barrel.
On Tuesday, both benchmarks rose to their highest since the end
of April but closed down on the day as fears faded that
Hurricane Beryl would disrupt production in the Gulf of Mexico.
U.S. crude oil inventories fell by 9.163 million barrels in the
week ended June 28, according to market sources citing American
Petroleum Institute figures on Tuesday. However, gasoline
inventories rose by 2.468 million barrels, and distillates fell
by 740,000 barrels.
"This decline in crude levels might just have saved more of a
sell off after the hurricane news", PVM Oil analyst John Evans
said in a note.
Analysts in a Reuters poll had expected a 700,000 barrel draw in
crude inventories, a 1.3 million barrel drop in gasoline stocks,
and a 1.2 million barrel fall in distillates stocks.
The Energy Information Administration, is due to release its
weekly data on Wednesday at 1430 GMT.
Traders will also be focusing on U.S. gasoline demand, which is
expected to ramp up as the summer travel season picks up with
the Independence Day holiday this week.
The American Automobile Association has forecast that travel
during the holiday period will be 5.2% higher than in 2023.
Elsewhere, surveys showed that China's services activity
expanded at the slowest pace in eight months and confidence hit
a four-year low in June dragged by slower growth in new orders,
while overall business growth across the euro zone also slowed
sharply last month.
OPEC output also rose in June for a second consecutive month, a
Reuters survey found on Tuesday, as higher supply from Nigeria
and Iran offset the impact of voluntary supply cuts by other
members and the wider OPEC+ alliance.
"OPEC+ was reported to have increased production in June despite
pledges to keep quotas in check through third quarter, and
lingering concerns over a tepid recovery in China sent a bearish
signal," said Panmure Gordon analyst Ashley Kelty.
(Reporting by Arunima Kumar in Bengaluru Yuka Obayashi in Tokyo
and Jeslyn Lerh in Singapore; Editing by Edwina Gibbs, Christian
Schmollinger, Elaine Hardcastle)
[© 2024 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
