US crude futures rise $1.88/bbl on US supply data; Greek vote

29 June 2011 21:11  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for August delivery settled at $94.77/bbl, up $1.88, on Wednesday, tracking the weekly supply statistics from the Energy Information Administration (EIA) showing a greater-than-forecast drawdown in oil inventories and an unexpected drawdown in gasoline stocks.

Crude stocks declined for the fourth consecutive week and prices continued to rise from four-month lows hit during the previous week following the announcement that the US Strategic Petroleum Reserve (SPR) would sell 30m bbl of oil.

Gasoline futures for July delivery on the NYMEX rose over 11 cents/gal on the back of the EIA data.

The rally was also boosted by the euro shifting higher against the dollar following a vote by Greece’s parliament approving austerity measures to avoid debt default.

August crude surged to $95.84/bbl, up $2.95 versus the previous close, before giving back a portion of the gains.

August ICE Brent outperformed its American counterpart, surging to $112.67 before settling at $112.40/bbl, up $3.62.

Author: All staff

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