Crude oil for July delivery rose 50 cents Wednesday to settle at $95.88 a barrel on the New York Mercantile Exchange. The contract was trading around $95.90 shortly before the supply data and had traded as high as $96.45 earlier in the day, according to FactSet. The Energy Information Agency’s weekly report said crude supplies rose, while analysts expected no change. The U.S. Energy Information Administration reported that U.S. crude-oil supplies rose by 2.5 million barrels for the week ended June 7, to 393.8 million barrels. Analysts polled by Platts were looking for no change. Gasoline supplies increased by 2.7 million barrels, while distillate stockpiles decreased by 1.2 million barrels, the EIA said. Gasoline stockpiles were expected to rise by 1 million barrels, while forecasts called for a rise of 1.4 million barrels for distillates. Earlier Wednesday, the IEA said that China, the world’s second-largest oil consumer, will use less oil this year than previously expected, although its total oil demand will grow by 3.8%. The Paris-based agency made few changes to its global forecast and said it expects demand will rise by 785,000 barrels a day, or 0.9%, for 2013.
Posted on: Thu, 13 Jun 2013 15:52:51 +0000
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