COMMODITY
Crude oil futures end higher amid rise US crude imports
Jul-09-2020

Crude oil futures ended higher on Wednesday as a rise in US crude imports and a weekly fall in gasoline supplies suggested an improvement in energy demand, even as domestic crude inventories posted a surprise climb. The Energy Information Administration reported that US crude inventories rose by 5.7 million barrels for the week ended July 3. That followed a fall of 7.2 million barrels the week before and compared with a forecast by S&P Global Platts for an average decline of 3.7 million barrels. The American Petroleum Institute on Tuesday reported an increase of about 2 million barrels.  However, total net petroleum imports stood at 5.01 million barrels per day, up from 2.88 million a week earlier. Imports of commercial crude oil were at 7.39 million barrels per day, up from 5.97 million. Gasoline supply fell by 4.8 million barrels, while distillate stockpiles climbed by 3.1 million barrels.

Crude oil futures for August gained 28 cents or 0.7 percent to settle at $40.90 a barrel on the New York Mercantile Exchange. September Brent crude rose 21 cents or 0.5 percent to settle at $43.29 a barrel on London's Intercontinental Exchange.

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