U.S. oil prices gained Tuesday as the market expected another drop of crude inventories.
U.S. Energy Information Administration (EIA) will publish Wednesday its report on crude data of last week. Traders expected to see U.S. crude inventories to fall for another week.
For the week ending June 5, U.S. crude supplies decreased 6.8 million barrels to 470.6 million, according to EIA’s weekly report. Inventories at Cushing, Oklahoma, the delivery point for the U.S. contract, lost 1.02 million barrels to 58 million barrels.
Brent oil price retreated amid the surplus output from the Organization of Petroleum Exporting Countries (OPEC).
Saudi Arabia, Iraq and the United Arab Emirates pumped at record monthly rates in May. Iraq planned to boost crude exports by about 26 percent in June.
Light, sweet crude for July delivery moved up 45 cents to settle at 59.97 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery decreased 25 cents to close at 63.7 dollars a barrel. Enditem