Oil rose as U.S. crude stockpiles fell more than forecast and as OPEC’s top producers progressed toward extending output cuts for the rest of the year after ending a monthlong stalemate on a meeting date.
Futures climbed as much as 1.7% in New York, rebounding from a 0.3% drop on Wednesday. American crude inventories fell by 3.1 million barrels last week, according to government data, more than any of the 12 analysts forecast in a Bloomberg survey. Saudi Arabia, Iraq and the United Arab Emirates are all in favor of restraining supply to boost prices amid signs of slowing demand.
West Texas Intermediate for July delivery, which expires Thursday, added 65 cents to $54.41 a barrel on the New York Mercantile Exchange as of 10:29 a.m. Singapore time. Futures dropped 14 cents to $53.76 on Tuesday. The more-active August contract traded 1.3% higher to $54.66.
Brent for August settlement rose 72 cents, or 1.2%, to $62.54 a barrel on London’s ICE Futures Europe Exchange. Prices closed 0.5% lower at $61.82 on Tuesday. The global benchmark crude traded at a $7.88 premium to WTI for the same month.
Source : Bloomberg