Oil prices advance on low oil inventories expectation – Reuters
- Date: 08-Jun-2022
- Source: Reuters
- Sector:Oil & Gas
- Country:Middle East
Oil prices advance on low oil inventories expectation – Reuters
SINGAPORE, June 8 (Reuters) - Oil prices drifted higher on Wednesday, anticipating a report of low U.S. oil stocks, while expectations of solid demand in the upcoming driving season also lent support.
Brent crude futures for August were up 40 cents, or 0.3%, at $120.97 a barrel at 0649 GMT after closing on Tuesday at the highest since May 31.
U.S. West Texas Intermediate crude for July was at $120.01 a barrel, up 60 cents, or 0.5%, after reaching its highest settlement since March 8 in the previous session.