WASHINGTON (dpa-AFX) - Crude oil prices advanced on Thursday after data showed crude inventories in the U.S. fell by slightly more than expected in the week ended June 14th, and on optimism about increased demand for fuel in the summer driving season.
Data from the Energy Information Administration (EIA) showed crude oil inventories decreased by 2.5 million barrels last week after jumping by 3.7 million barrels a week earlier. Economists had expected crude oil inventories to fall by 2.0 million barrels.
At 457.1 million barrels, U.S. crude oil inventories are about 4 percent below the five-year average for this time of year, the EIA added.
The EIA report said gasoline inventories declined by 2.3 million barrels last week and are about 1% below the five-year average for this time of year. Meanwhile, distillate fuel inventories, which include heating oil and diesel, slid by 1.7 million barrels last week and are about 8% below the five-year average for this time of year.
West Texas Intermediate Crude oil futures for July ended higher by $0.60 at $82.17 a barrel.
Brent crude futures advanced to $85.71 a barrel, gaining about 0.8%.
Oil prices were also supported by reports that Nigeria's biggest indigenous hydrocarbons producers, Aiteo Eastern Exploration and Production Company (AEEPCO), has announced the shutdown of its oilfield in the Niger Delta as a precautionary measure after an oil spill was detected earlier this week.
The cause of the spill is currently undetermined and the field's operator said it is proactively engaging with stakeholders to mitigate the immediate effects.
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