Investing.com – Crude oil futures were up for a second day on Wednesday, rising to a four-day high as concerns eased over a slowdown in U.S. demand, while a weaker U.S. dollar also lent support.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in August traded at USD93.42 a barrel during European morning trade, gaining 0.65%.
It earlier rose to USD93.50 a barrel, the highest price since June 23.
The American Petroleum Institute, an industry group said in a report on Tuesday that U.S. crude inventories fell by 2.7 million barrels to 360.3 million last week, the lowest since late April.
Analysts had expected crude supplies to decline by 1.5 million barrels.
Stocks of gasoline declined by 0.91 million barrels to 211.0 million, confounding expectations for a 0.75 million barrel increase.
The U.S. Energy Department was to release its closely-watched crude oil inventories report for the week ended June 24 later in the day.
The data was expected to show that U.S. crude oil stockpiles declined by 1.5 million barrels, while gasoline supplies were forecast to rise by 0.8 million barrels.
Meanwhile, the euro was up against the U.S. dollar amid expectations Greek lawmakers will vote in favor of harsh austerity measures needed to avoid a sovereign debt default.
The dollar index was down 0.24% to trade at 75.28, after earlier falling to 75.23, the lowest since June 22.
Dollar-denominated oil futures contracts tend to fall when the dollar rises, as this makes oil more expensive for holders of other currencies.
Elsewhere, the U.S. National Hurricane Center said Tuesday that tropical storm Arlene was headed northwest from the Bay of Campeche towards the Gulf of Mexico, sparking concerns over a disruption to supplies.
Energy traders track tropical weather in the event it disrupts production in the Gulf of Mexico.
On the ICE Futures Exchange, Brent oil futures for August delivery jumped 1.1% to trade at USD109.65 a barrel, up USD16.23 on its U.S. counterpart.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in August traded at USD93.42 a barrel during European morning trade, gaining 0.65%.
It earlier rose to USD93.50 a barrel, the highest price since June 23.
The American Petroleum Institute, an industry group said in a report on Tuesday that U.S. crude inventories fell by 2.7 million barrels to 360.3 million last week, the lowest since late April.
Analysts had expected crude supplies to decline by 1.5 million barrels.
Stocks of gasoline declined by 0.91 million barrels to 211.0 million, confounding expectations for a 0.75 million barrel increase.
The U.S. Energy Department was to release its closely-watched crude oil inventories report for the week ended June 24 later in the day.
The data was expected to show that U.S. crude oil stockpiles declined by 1.5 million barrels, while gasoline supplies were forecast to rise by 0.8 million barrels.
Meanwhile, the euro was up against the U.S. dollar amid expectations Greek lawmakers will vote in favor of harsh austerity measures needed to avoid a sovereign debt default.
The dollar index was down 0.24% to trade at 75.28, after earlier falling to 75.23, the lowest since June 22.
Dollar-denominated oil futures contracts tend to fall when the dollar rises, as this makes oil more expensive for holders of other currencies.
Elsewhere, the U.S. National Hurricane Center said Tuesday that tropical storm Arlene was headed northwest from the Bay of Campeche towards the Gulf of Mexico, sparking concerns over a disruption to supplies.
Energy traders track tropical weather in the event it disrupts production in the Gulf of Mexico.
On the ICE Futures Exchange, Brent oil futures for August delivery jumped 1.1% to trade at USD109.65 a barrel, up USD16.23 on its U.S. counterpart.