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U.S., Brent crude futures extend rise after data

Published 05/18/2011, 10:50 AM
Updated 05/18/2011, 10:52 AM

NEW YORK, May 18 (Reuters) - U.S. and Brent crude futures extended gains on Wednesday, but in choppy trading after a weekly government report showed crude stocks fell slightly in the United States last week as refinery utilization rose.

U.S. crude stocks fell 15,000 barrels in the week to May 13, according to a report from the U.S. Energy Information Administration, against a forecast for supplies to be up 1.0 million barrels.

Gasoline stocks rose 119,000 barrels, less than forecast, and distillate stocks fell 1.16 million barrels, an unexpected drop.

ICE Brent July crude rose $1.83 to $111.82 a barrel by 10:42 a.m. EDT (1442 GMT), trading from $110.42 to $111.91. Prices were up about $1.62 ahead of the report.

On the New York Mercantile Exchange, June crude rose $2.36 to $99.27 a barrel, trading as low as $97.46 and reaching $99.58 after the data. Prices were up about $2 ahead of the data. (Reporting by Robert Gibbons; editing by Jim Marshall)

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