Oil prices climb higher after bigger-than-expected weekly fall in U.S. crude supplies
Wednesday, 20 June 2018 21:43 WIB |
The U.S. Energy Information Administration reported Wednesday that crude supplies dropped by 5.9 million barrels for the week ended June 15.
Analysts surveyed by S&P Global Platts had forecast a fall of 3.7 million barrels, while the American Petroleum Institute on Tuesday reported a decline of 3 million barrels, according to sources.
Gasoline stockpiles, however, rose by 3.3 million barrels for the week, while distillate stockpiles climbed by 2.7 million barrels, according to the EIA.
The S&P Global Platts survey forecast a supply fall of 1 million barrels for gasoline, and expected distillate stocks to be down by 700,000 barrels.
July crude rose 90 cents, or 1.4%, to $65.97 a barrel on the New York Mercantile Exchange, up from $65.81 before the supply data.