Oil Up More Than 3% In Broad Rally Ahead Of Stockpile Data



Reuters

NEW YORK, June 9 (Reuters) - Prices for crude oil, gasoline and diesel jumped more than 3 percent on Tuesday, as bullish investors ramped up bets across the oil complex for another weekly drop in U.S. stockpiles.

A Reuters poll of five analysts forecast on average that U.S. crude inventories fell 1.7 million barrels last week, for a sixth straight week of declines.

Industry group American Petroleum Institute (API) will issue at 4:30 p.m. EDT (2030 GMT) its own estimates on last week's stockpile count before official data from the government's Energy Information Administration (EIA) on Wednesday.

Brent settled up $2.19, or 3.5 percent, at $64.88 a barrel. That was the largest advance on the day for Brent since May 29.

U.S. crude settled up $2, or 3.4 percent, at $60.14 a barrel.

Among refined products, ultra low sulphur diesel, also known as heating oil, and gasoline, also gained more than 3 percent.

Ahead of the stockpile numbers, the EIA said in a separate report that it had raised its forecast for this year's oil demand to 380,000 barrels per day from 340,000 bpd previously.


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