Oil futures rose Wednesday, with support tied in part to data from an industry group showing a large fall in U.S. crude inventories.
West Texas Intermediate crude for August delivery
rose 51 cents, or 0.7%, to $73.36 a barrel on the New York Mercantile Exchange. August Brent crude
was up 55 cents, or 0.7%, at $75.36 a barrel on ICE Futures Europe. September Brent
the most actively traded contract, was up 58 cents, or 0.8%, at $74.66 a barrel.
The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 7.2 million barrels for the week ended June 18, according to sources. The API report also showed gasoline stockpiles up by 959,000 barrels, while distillate inventories climbed by 992,000 barrels, the sources said.
Crude stocks in Cushing, Oklahoma, the delivery hub for Nymex oil futures, meanwhile, fell by nearly 2.6 million barrels for the week, sources said.
More closely followed inventory data from the Energy Information Administration will be released Wednesday morning.
“One key factor will be whether the provisional reports of solid gasoline demand are confirmed,” said Eugen Weinberg, commodity analyst at Commerzbank, in a note. “So-called implied gasoline demand recently rose to over 10 million barrels per day, putting it only marginally lower than in the preceding years.”
On average, the EIA is expected to show crude inventories down by 6.3 million barrels, according to a survey of analysts conducted by S&P Global Platts. The survey also calls for supply increases of 1.3 million barrels for gasoline and 1 million barrels for distillates.