15 July 2009 20:39 [Source: ICIS news]
HOUSTON (ICIS news)--NYMEX light sweet crude for August delivery settled at $61.54/bbl on Wednesday, up $2.02 versus Tuesday’s close in response to supportive oil inventories and a rally in the stock market.
The weekly supply statistics from the US Energy Information Administration (EIA) revealed a much greater-than-forecast drawdown in crude oil stocks. The gains were initially kept in check by an also greater-than-expected build in gasoline inventories.
With crude prices in oversold territory, weakness in the US dollar and a surge on Wall Street as a result of investors’ optimism, a round of aggressive short covering helped lift August crude up to $61.98/bbl before the rally was capped. Having factored in the day’s events, prices retreated ahead of the closing bell.
The August ICE Brent contract, which goes off the board on Thursday, outperformed its American counterpart, topping out at $63.83/bbl and settling at $63.09/bbl, up $2.23.
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