Oil held gains near $60 a barrel on signs the U.S. supply glut is easing.Futures were little changed in New York after rising 0.8 percent on Tuesday. Crude inventories shrank by 2.9 million barrels through June 12, the industry-funded American Petroleum Institute was said to have reported. Energy Information Administration data Wednesday is forecast to show supplies slid for a seventh week, according to a Bloomberg survey.
Oil has rebounded from a six-year low in March as drilling slowed in the U.S., bolstering speculation that the surplus will shrink. The Organization of Petroleum Exporting Countries maintained its production quota at 30 million barrels a day at a June 5 meeting as it seeks to defend market share.
West Texas Intermediate for July delivery was at $60.03 a barrel in electronic trading on the New York Mercantile Exchange, up 6 cents at 9:06 a.m. Sydney time. The contract gained 45 cents to $59.97 on Tuesday. The volume of all futures traded was about 84 percent below the 100-day average. Prices have increased almost 13 percent this year.
Brent for August settlement dropped 25 cents, or 0.4 percent, to $63.70 a barrel on the London-based ICE Futures Europe exchange on Tuesday. The European benchmark crude ended the session at a premium of $3.25 to WTI for the same month.
Source : Bloomberg
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