Equity Tips:- Crude Oil Futures Edge Higher On U.S. Supply Data

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Crude oil futures edged higher on Wednesday with concerns surrounding Iran and the risks to global crude supplies helping to erase earlier losses fed by an unexpected weekly rise in U.S. inventories. A report from the U.S. Energy Information Administration (EIA) showed that crude supplies rose by 2.2 million barrels for the week ended April 20, defying expectations for a 2 million barrel draw-down. Gasoline stockpiles grew by 800,000 barrels for the week, while distillate stockpiles fell 2.6 million barrels. The S&P Global Platts survey forecast a supply decline of 500,000 barrels for gasoline, while distillates stockpiles were expected to be unchanged.

 

Benchmark crude oil futures for June delivery rose 35 cents or 0.5 percent to settle at $68.05 a barrel on the New York Mercantile Exchange. June Brent crude gained 14 cents or 0.2 percent to settle at $74 a barrel on London’s Intercontinental Exchange.

 

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