Oil prices edged higher today, June 30. Brent is poised for its first monthly gain this year, as a big drawdown in US oil stocks outweighed concerns that fuel demand will be impacted by further interest rate hikes.
Brent crude contracts for September traded 0.2% higher at $74.67 a barrel at 04:05 am GMT.
The less-traded front month contract, which expires on Friday, was up 30 cents at $74.64 a barrel.
US West Texas Intermediate crude added 0.1% to $69.95 a barrel.
After settling marginally higher on June 29, both benchmarks are on track to rise over 2.5% for June. While it would be Brent’s first monthly gain this year, it would mark a second for WTI after a gain in April.
Markets are worried about tightening supply after the US Energy Information Administration said crude inventories dropped by 9.6 million barrels in the week ended June 23, far exceeding the 1.8-million-barrel draw analysts forecast in a Reuters poll.
Elsewhere, US gross domestic product in the first quarter was revised up to a 2.0 percent annualized rate from the 1.3% pace reported previously.
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