Crude oil prices rose on Wednesday, supported in part by evidence that US stocks are declining.
A report from the American Petroleum Institute on Tuesday evening showed that supplies of American crude. United States They fell 4.8 million barrels for the week ending May 15. API data also showed that gasoline inventories decreased by 651,000 barrels, while distillate inventories increased by 5.1 million barrels. Crude stocks at the Cushing, Oklahoma storage facility fell 5 million barrels during the week.
The report comes as investors expect a weekly inventory update, closely followed by data from the Energy Information Administration at 10:30 a.m. EST. EIA data should show that crude inventories rose 2.4 million barrels last week, according to analysts polled by S&P Global Platts.
Wednesday, July West Texas Intermediate Oil
CLN20,
+ 1.43%
CL.1
+ 1.43%,
which is now the most traded contract and in the first month it rose 41 cents, or 1.3%, to $ 32.37 per barrel, after rising 1% in the previous session, and after crude WTI of June.
United States United States: CLM20
which expired Tuesday at the end of the session, it remained above the price of the July contract.
Meanwhile, Brent benchmark global crude for July delivery
BRN.1
+ 2.02%
BRNN20,
+ 2.02%
it picked up 65 cents, or 1.9%, to $ 35.30 a barrel on ICE Futures Europe, after falling 0.5% on Tuesday.
Some experts predict that oil prices will remain on a trade trajectory in the range until a new catalyst emerges, after the increase in production volatility last month has slowed.
“From now on, unless there is a major event that changes the situation in the supply balance relationship (such as new OPEC decisions or larger cuts, new possible bottlenecks that affect demand), we expect prices to stay at current levels, “wrote Paola Rodríguez Masiu, senior analyst for oil markets at Rystad Energy in a daily note.
An agreement between the Organization of the Petroleum Exporting Countries and its allies to cut 9.7 million barrels a day until the end of June helped stop a flood of crude oil against a backdrop of declining demand, which was penalized by locks to stop the spread of COVID-19.
At Nymex, June essence
RBM20,
+ 2.05%
rose 2.1% to $ 1,068 a gallon, while June heating oil
HOM20,
+ 2.83%
added 2.8% to $ 1,001 per gallon.
Lily:Signs of recovery in gasoline demand indicate rising oil prices
June natural gas
NGM20,
decreased 0.1% to $ 1,827 per million British thermal units.