Oil futures finished higher Wednesday, with the global crude prices posting its highest settlement in two weeks, as investors focused on rising Middle East tensions, despite an unexpected climb in U.S. crude supplies and signs of sluggish oil demand.
Against that backdrop, the global benchmark, July Brent added 53 cents, or 0.7%, to settle at $71.77 a barrel on ICE Futures Europe—the highest finish for a front-month contract since May 1, according to Dow Jones Market Data. West Texas Intermediate crude for June delivery tacked on 24 cents, or 0.4%, to settle at $62.02 a barrel on the New York Mercantile Exchange, the highest finish since May 8.
U.S. crude supplies rose by 5.4 million barrels for the week ended May 10, according to a report from the Energy Information Administration released Wednesday. Analysts and traders expected a fall of 1.4 million barrels, on average, according to a Wall Street Journal survey.
Source : MarketWatch