US crude futures rise $1.24/bbl on supply statistics

22 June 2011 21:14  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for August delivery settled at $95.41/bbl, up $1.24, on Wednesday, tracking the weekly supply statistics from the Energy Information Administration (EIA), which showed a much greater than forecast drawdown in oil inventories and an unexpected drawdown in gasoline stocks.

A statement by the Federal Reserve leaving interest rates unchanged and low for the time being without confirming further monetary stimulus also boosted the energy complex.

On the first session as August as the front month, crude surged to $95.70bbl, up $1.53 versus the previous close, before giving back a portion of the gains.

August ICE Brent outperformed its American counterpart, surging to $114.48, up $3.53, before settling at $114.21/bbl, up $3.26.

By: Ignacio Sotolongo
+1 713 525 2653

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