Oil futures reversed early losses to trade with strong gains Thursday, waving off data that showed an unexpected rise in U.S. crude inventories as traders focused on a fall in gasoline stocks and a further decline in crude stored at the New York Mercantile Exchange’s delivery hub in Cushing, Oklahoma.
West Texas Intermediate crude for July delivery CLN20, -3.26% rose 90 cents,or 2.7%, to finish at $33.71 a barrel on the New York Mercantile Exchange, while August Brent crude BRN00, -2.69% BRN00, -2.69% gained 55 cents per barrel, or 1.6%, to finish at $35.29 on ICE Europe.
The Energy Information Administration said inventories rose 7.9 million barrels in the week ended May 22. Oil had been under pressure after the American Petroleum Institute late Wednesday reported that crude inventories rose 8.7 million barrels last week. Analysts surveyed by S&P Global Platts had expected the more closely followed EIA report to show crude inventories fell by 1.2 million barrels.
Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.