WTI oil trading firm amid higher US crude oil supply
BonTradeWTI oil prices are trading firm, above $77 on Thursday amid the latest US crude oil supply data showed supplies of crude unexpectedly grew last week.
US WTI Light crude oil futures for July delivery rose 73 cents to settle at $77.67 a barrel on the NYMEX and at midday Singapore time was at $77.54.
Although crude oil prices have recovered, US supplies remain well above average and increased by 1.7 million barrels last week, the Energy Department’s Energy Information Administration said Wednesday. Analysts were looking for a decline of 1.75 million barrels.
“Oil pricing has been rallying for the past couple of days in line with the rally in equities and after these gains, investors are inclined to book some profits,” said Victor Shum, a senior principal with the Purvin and Gertz energy consultancy.
Oil prices have gained support from a surprise drop in US gasoline inventories, which stoked hopes for rising summer demand in the US.
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WTI oil trading firm amid higher US crude oil supply
