Oil prices up

Oil prices extended gains yesterday on expectations of a huge decline in US crude reserves, signalling that demand is improving in the world’s top economy and a global supply glut could soon end, analysts said.
US benchmark West Texas Intermediate (WTI) for July delivery gained 97 cents to $61.11 in Asia, while Brent crude for July was up 73 cents to $65.61 in afternoon trade, reports AFP from Singapore. That came the day after strong gains that saw WTI jump $2 while Brent closed up $2.19.
Industry group the American Petroleum Institute (API) on Tuesday reportedly signalled a 6.7 million barrel drop in US supplies in the week to June 5, ahead of the latest official stockpiles report due later yesterday.

Oil prices up

Oil prices extended gains yesterday on expectations of a huge decline in US crude reserves, signalling that demand is improving in the worlds top economy and a global supply glut could soon end, analysts said. US benchmark West Texas Intermediate (WTI) for July delivery gained 97 cents to $61.11 in Asia, while Brent crude for July was up 73 cents to $65.61 in afternoon trade, reports AFP from Singapore. That came the day after strong gains that saw WTI jump $2 while Brent closed up $2.19. Industry group the American Petroleum Institute (API) on Tuesday reportedly signalled a 6.7 million barrel drop in US supplies in the week to June 5, ahead of the latest official stockpiles report due later yesterday.