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WTI oil rallies to 8-week high ahead of U.S. supply data, OPEC meeting

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Investing.com -

Investing.com - West Texas Intermediate oil futures rallied to an eight-week high on Tuesday, as market players awaited key U.S. weekly supply data to gauge the strength of oil demand from the world's largest consumer.

On the New York Mercantile Exchange, U.S. crude oil for delivery in July rose to a session high of $104.88 a barrel, the most since April 16, before trimming gains to last trade at $104.69 during European morning hours, up 0.26%, or 28 cents.

U.S. oil futures jumped 1.7%, or $1.75, on Monday to settle at $104.41 a barrel.

New York-traded oil futures were likely to find support at $102.62 a barrel, the low from June 9 and resistance at $104.99 a barrel, the high from April 16.

The American Petroleum Institute will release its inventories report later in the day, while Wednesday's government report could show crude stockpiles fell by 1.5 million barrels in the week ended June 6.

Oil traders were also looking ahead to Wednesday's meeting of the Organization of Petroleum Exporting Countries in Vienna, amid expectations the organization will maintain its production quota at 30 million.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for July delivery eased up 0.05%, or 5 cents, to trade at $110.04 a barrel, while the spread between the Brent and U.S. crude contracts stood at $5.35 a barrel.

The spread narrowest to the lowest since April as receding stockpiles at Cushing, Oklahoma, the delivery point for Nymex oil futures, eased concerns over a supply glut.

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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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