Oil prices extend gains, buoyed by unexpected drop in U.S. gasoline stocks
Oil prices on Wednesday extended gains from the previous session, buoyed after official data showed that U.S. inventories of gasoline, diesel and heating oil unexpectedly fell last week.
Brent crude futures
West Texas Intermediate (WTI) crude futures
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A Reuters poll taken before the data release had forecast that gasoline stocks would be unchanged and distillate stockpiles would show a build of around 900,000 barrels.
U.S. crude stocks rose by 5.8 million barrels last week, compared with a forecast of a decline of 3.6 million barrels.
Oil production reached a record 11 million barrels per day, the EIA said. The United States has added nearly 1 million bpd in production since November, thanks to rapid increases in shale drilling.
Oil markets have fallen over the last week as Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries and Russia increased production and as some supply disruptions eased.
OPEC and non-OPEC`s compliance with oil output curbs has declined to around 120 percent in June from 147 percent in May, two sources familiar with the matter told Reuters on Wednesday.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)