Oil futures gained ground Wednesday, buoyed by U.S. government data showing weekly declines in domestic crude and product supplies. Natural-gas futures edged lower after a three-session climb on the back of recent news that Russia has moved to curb supplies of the fuel to Europe.
Traders were also awaiting the outcome of a Federal Reserve meeting that’s expected to see another large interest-rate hike.Price action
West Texas Intermediate crude for September delivery
CL.1,
+2.74%
CL00,
+2.74%
CLU22,
+2.74%
rose $1.04, or 1.1%, to $96.02 a barrel on the New York Mercantile Exchange.
September Brent crude
BRNU22,
+2.20%,
the global benchmark, rose $1.21, or 1.2%, to $105.61 a barrel on ICE Futures Europe. The most actively traded October contract
BRN00,
+2.39%
BRNV22,
+2.39%
was up $1.28, or 1.3%, at $100.74 a barrel.
Back on Nymex, August gasoline
RBQ22,
+0.77%
rose 0.8% to $3.3804 a gallon, while August heating oil
HOQ22,
+3.70%
gained 2% to $3.6561 a gallon.
August natural gas
NGQ22,
-3.95%
fell 2.8%, to $8.577 per million British thermal units ahead of the contract’s expiration at the end of the trading session.
Supply data Oil prices added to earlier gains on Wednesday after the Energy Information Administration reported weekly declines in U.S. crude, gasoline and distillate suppl …