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Oil inched higher on EIA reports of lower US inventory; cooling job marketThe US crude oil stock fell by 2.5 million barrels last week while total motor gasoline decreased by 2.3 million barrels, easing concerns over the summer demand. |
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International benchmarks for crude oil ended the trading session on Thursday, 20 June higher following reports from the Energy Information Administration (EIA) on a drop in the US commercial crude inventories.
The US crude oil stock fell by 2.5 million barrels last week while total motor gasoline decreased by 2.3 million barrels, easing concerns over the summer demand.
Meanwhile, the cooling labor market also fuels the expectation that the FED will trim key interest rates soon.
Brent gained 64 cents to settle at $85.71/barrel.
WTI futures for July delivery ended on Thursday with 60-cent increase, closing at $82.17/barrel.
