Futures Movers: Oil prices trade higher as U.S. supplies fall by more than 3 million barrels in two weeks

by | Jun 29, 2022 | Stock Market

Oil futures traded higher on Wednesday, with concerns about tight supplies fed by data from the Energy Information Administration, which revealed that U.S. crude supplies fell by more than three million barrels in the past two weeks.Price action
West Texas Intermediate crude for August delivery
CL.1,
+0.21%

CL00,
+0.21%

CLQ22,
+0.21%
rose 77 cents, or 0.7%, to $112.53 a barrel on the New York Mercantile Exchange.

The front month the global benchmark August Brent crude contract
CLQ22,
+0.21%
added 80 cents, or 0.7%, to $11.8.78 a barrel on ICE Futures Europe. The most active September Brent crude contract
BRN00,
+0.46%

BRNU22,
+0.46%
was up $1, or 0.9%, at $114.80 a barrel.

Back on Nymex, July gasoline
RBN22,
-3.00%
fell 2.2% to $3.8506 a gallon, while July heating oil
HON22,
-2.35%
shed 0.8% to $4.1647 a gallon.

August natural gas
NGQ22,

rose 1.3% to $6.653 per million British thermal units.

Market drivers Crude was headed for a fourth day of gains, with support tied to strong underlying demand and tightening supplies.

Prices got an early boost, driven by China‚Äôs moves to ease COVID restrictions, continued worries about tight supplies and a constrained outlook for production increases, analysts said, though fears of recession as t …

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