Crude Oil Prices Increase on Futures Market
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As supplies of crude oil at Cushing, Oklahoma, dropped last week, prices on the New York Mercantile future exchange (July) settled at $104.40 per barrel.
Gasoline for July delivery rose $0.0263 to settle at $3.0008 per gallon, and July heating oil gained $0.0202 to $2.9043 per gallon.
The Brent-WTI spread rose from the lowest level since April after the EIA said supplies at Cushing dropped 198,000 barrels to 21.2 million last week.
Falling inventories at the hub have increased prices and narrowed the gap.
Brent gained on concern that Middle East tension will spread and disrupt supplies. Brent crude traded at a premium of $5.55 to WT, up from $5.17, the smallest since April 14th.
Cushing supplies reached the lowest level in more than 5 years last week, according to the EIA.
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