Crude oil futures settle higher amid declined inventories
Energy Information Administration stated that US crude, gasoline, and distillate inventories fell for the week ending June 20
Crude oil futures ended higher on Wednesday as Energy Information Administration (EIA) report indicated a draw in crude oil inventories and a surge in US gasoline demand to a three-and-a-half-year high. The EIA stated that US crude, gasoline, and distillate inventories fell for the week ending June 20. The report stated that crude inventories fell by 5.8 million barrels to 415.1 million barrels. Besides, the American Automobile Association has projected that 61.6 million people will travel this Fourth of July Holiday season (June 28 to July 6), up 2.2% from last year suggesting strong gasoline demand.
Benchmark crude oil futures for August surged $0.55 or about 0.85% at $64.92 a barrel on the New York Mercantile Exchange. Brent crude for August gained $0.54 or about 0.80% at $67.68 a barrel on London's Intercontinental Exchange.
