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U.S. oil futures top $61 on bets for large U.S. supply drop

Published 10/06/2015, 08:17
Updated 10/06/2015, 08:20
© Reuters. Nymex oil prices trade above $61 ahead of weekly supply data
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Investing.com - West Texas Intermediate oil futures rose to the highest level in a week on Wednesday, amid speculation weekly supply data due later in the session will show U.S. crude inventories fell at a faster pace than expected last week.

On the New York Mercantile Exchange, crude oil for July delivery hit an intraday high of $61.14 a barrel, the most since June 3, before trading at $60.94 during European morning hours, up 80 cents, or 1.32%. A day earlier, Nymex oil prices surged $2.00, or 3.44%, to close at $60.14.

Wednesday's government report was expected to show that U.S. crude oil stockpiles fell by 1.7 million barrels last week, while gasoline stockpiles were forecast to increase by 0.3 million barrels.

After markets closed Tuesday, the American Petroleum Institute, an industry group, said that U.S. crude inventories fell by 6.7 million barrels in the week ended June 5, the first weekly decline in three weeks.

The report also showed that gasoline inventories sank 3.9 million barrels, indicating strong summer demand. Energy traders have been paying close attention to gasoline stockpiles in recent weeks as the U.S. driving season entered its peak gasoline demand period.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for July delivery climbed 69 cents, or 1.06%, to trade at $65.57 a barrel after touching a daily peak of $65.72, the highest since June 2. On Tuesday, Brent rallied $2.19, or 3.49%, to end at $64.88.

Meanwhile, the spread between the Brent and the WTI crude contracts stood at $4.63 a barrel, compared to $4.74 by close of trade on Tuesday.

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