Oil Extends Gains, Investors Eye Next Week’s OPEC Meeting
Crude-oil futures extended gains in Asian trade Friday, helped by a decline in U.S. oil inventories and a softer U.S. dollar.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in July (CLN5) traded at $58.39 a barrel, up $0.71 in the Globex electronic session. July Brent crude on London’s ICE Futures exchange rose $0.58 to $63.16 a barrel.
U.S. commercial crude-oil inventories fell by a stronger-than-expected 2.8 million barrels in the week ended May 22, the U.S. Energy Information Administration said Thursday.
However, U.S. crude production jumped to 9.57 million barrels a day, breaking out of the production plateau it has been coasting on since March, partly due to new oil fields ramping up in the Gulf of Mexico, Societe Generale said in a report.
Crude-oil futures extended gains in Asian trade Friday, helped by a decline in U.S. oil inventories and a softer U.S. dollar.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in July (CLN5) traded at $58.39 a barrel, up $0.71 in the Globex electronic session. July Brent crude on London’s ICE Futures exchange rose $0.58 to $63.16 a barrel.
U.S. commercial crude-oil inventories fell by a stronger-than-expected 2.8 million barrels in the week ended May 22, the U.S. Energy Information Administration said Thursday.
However, U.S. crude production jumped to 9.57 million barrels a day, breaking out of the production plateau it has been coasting on since March, partly due to new oil fields ramping up in the Gulf of Mexico, Societe Generale said in a report.
No comments:
Post a Comment