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


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.


View Full Article


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.