Crude drifts away from the worst day in 2 weeks

Crude drifts away from the worst day in 2 weeks

On Thursday, crude added in European trade, just one day after ts biggest loss in two weeks when data showed a shocking build in American crude stockpiles.

July delivery US West Texas Intermediate crude futures hit $46.03 a barrel, rising 0.7%. On Wednesday, the contract concluded down more than 5%, having reached its lowest since May 9 at $45.65.

August delivery Brent futures gained 39 cents in London, showing $48.45 a barrel. During the previous trading session the global benchmark reached $47.96, a value not observed since May 5.

On Wednesday, crude prices settled at their lowest value in nearly a month. It’s because data revealed that American crude stockpiles suddenly soared for the first time in nine weeks.

According to the US Energy Information Administration, crude inventories added by 3.3 million barrels by June 2, thus ruining hopes for a crude-stock dip of 3.4 million barrels.

Additionally, gasoline inventories went up by 3.3 million barrels.

 

 

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