Join The Discussion
Oil rises on industry data showing stockpile fall May 7, 2014
The Associated Press
The price of oil rose Wednesday after industry data showed a decline in U.S. supplies.
Benchmark U.S. crude for June delivery was up 59 cents at $100.09 a barrel at 0605 GMT in electronic trading on the New York Mercantile Exchange. The contract rose 2 cents to close Tuesday at $99.50.
Brent crude, a benchmark for international varieties of oil, rose 22 cents to $107.28 on the ICE exchange in London.
American Petroleum Institute data on Tuesday showed a decline in U.S. crude stocks for last week, which might reflect increased demand.
Traders are now looking to Energy Department figures on U.S. crude stockpiles, due later Wednesday, to confirm or debunk the API data.
The data for the week ending May 2 is expected to show an increase of 1.3 million barrels in crude oil stocks and a draw of 900,000 barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
Tension between Russia and Western nations over the fate of Ukraine's restive eastern regions has kept upward pressure on prices in recent weeks.
In other energy futures trading on Nymex:
— Wholesale gasoline dropped 0.8 cent to $2.878 a gallon.
— Heating oil added 0.6 cent to $2.894 a gallon
— Natural gas slipped 1.4 cents to $4.785 per 1,000 cubic feet.