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
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
added 80 cents, or 0.7%, to $11.8.78 a barrel on ICE Futures Europe. The most active September Brent crude contract
was up $1, or 0.9%, at $114.80 a barrel.
Back on Nymex, July gasoline
fell 2.2% to $3.8506 a gallon, while July heating oil
shed 0.8% to $4.1647 a gallon.
August natural gas
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’s 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 …