Investing.com - U.S. oil futures rose to a two-week high on
Wednesday, as investors awaited the release of weekly supply data
out of the U.S. later in the session to gauge the strength of oil
demand from the world's largest consumer.
On the New York Mercantile Exchange, West Texas Intermediate
crude oil for delivery in June advanced 0.23%, or 23 cents, to
trade at $101.93 a barrel during European morning hours.
Nymex oil hit a session high of $102.12 a barrel earlier in the
day, the most since April 29. WTI futures added 1.1%, or $1.11, on
Tuesday to settle at $101.70 a barrel.
New York-traded oil futures were likely to find support at
$100.36 a barrel, the low from May 13 and resistance at $102.34 a
barrel, the high from April 24.
Wednesday's government report was expected to show that U.S.
crude oil stockpiles fell by 100,000 barrels last week. The data
was also forecast to show that distillate stockpiles, including
heating oil and diesel, increased by 530,000 barrels.
After markets closed Tuesday, the American Petroleum Institute,
an industry group, said that U.S. crude inventories increased by
912,000 barrels in the week ended May 9, compared to expectations
for a decline of 1.5 million barrels.
The report also showed that distillate stocks increased by
883,000 barrels, while gasoline stockpiles fell by 2 million
Meanwhile, market players looked ahead to the release of U.S.
data on producer price inflation due later in the session for
further indications on the strength of the economy and the need for
Data on Tuesday showed that U.S. retail sales inched up by just
0.1% last month, missing expectations for a 0.4% increase.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for
July delivery inched up 0.18%, or 19 cents, to trade at $108.73 a
barrel, while the spread between the Brent and U.S. crude contracts
stood at $6.80 a barrel.
Oil traders continued to monitor events in Ukraine, as conflict
between pro-Russian separatists and Ukrainian forces continued to
escalate, stoking fears that the crisis will develop and drag the
U.S. deeper into the standoff.
Russia produced 10.4 million barrels of oil per day in 2012 and
exported 7.4 million, making it the world's second largest oil
exporter after Saudi Arabia.
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