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Crude oil futures edge higher on supply report

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Investing.com -

Investing.com - Crude oil futures edged higher on Wednesday, as supply data published on Tuesday lent support to the commodity, while markets eyed the release of U.S. data later in the day for further indications on the strength of the country's economic recovery.

On the New York Mercantile Exchange, U.S. crude oil for delivery in July traded at $102.84 a barrel during European morning trade, up 0.17%.

Prices added 0.19% on Tuesday to settle at $102.66.

Futures were likely to find support at $102.10 a barrel, the low from June 2 and resistance at $103.56 a barrel, the high from May 30.

Oil prices gained ground after the American Petroleum Institute reported on Tuesday that crude inventories fell by 1.4 million barrels in the week ending May 30 to 382.5 million barrels, compared with expectations for a decrease of 300,000 barrels.

Meanwhile, traders were eyeing a string of U.S. economic reports to be released later in the day, after official data on Tuesday showed that U.S. factory orders rose 0.7% in April, beating expectations for a 0.5% gain, after an upwardly revised 1.5% increase in March.

Market participants were also awaiting government data on U.S. oil inventories, due later in the trading session.

Elsewhere, on the ICE Futures Exchange, Brent oil for July delivery edged up 0.11% to trade at $108.95 a barrel, with the spread between the Brent and crude contracts standing at $6.11 a barrel.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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