Forexpros – Crude oil futures rose in Asian trading Wednesday on news U.S. supplies have been running a little tight over the past few days.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at USD84.42 a barrel on Wednesday, up 0.15%, off from a session high of USD84.46 and up from an earlier session low of USD84.04.
In the U.S. on Tuesday, the American Petroleum Institute, an industry group, reported that oil inventories fell by 1.76 million barrels last week, which sent oil inching up on the news of tighter supplies.
The government will release official data later Wednesday.
Stronger-than-expected service-sector data out of the U.S. sent the commodity rising as well.
The Institute of Supply Management reported that its non-manufacturing purchasing managers’ index rose to 53.7 last month from 53.5 in April.
Analysts were expecting the index to remain unchanged.
Meanwhile, a Group of Seven conference call involving policymakers addressing how to firewall the European debt crisis produced no major policy announcements, though the Japanese Finance Minister Jun Azumi told reporters afterwards the call did not involve discussing a possible Greek exit from the eurozone, which kept oil firm.
The market remained on edge ahead of a European Central Bank monetary policy meeting later this week and Federal Reserve meeting later in June.
Talk stimulus measures remain on the table to prop up the global economy firmed oil slightly as well.
On the ICE Futures Exchange, Brent oil futures for July delivery were up 0.08% and trading at USD98.81 a barrel, up USD14.39 from its U.S. counterpart.
Forexpros
