Oil prices rise ahead of U.S. inventory data
Prices continued to garner support from a tight market and the prospect of higher demand in China.
NEW YORK: Oil prices climbed on Tuesday as market participants awaited data on U.S. fuel stockpiles.
The West Texas Intermediate for July delivery added 91 cents, or 0.8 percent, to settle at 119.41 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery increased 1.06 dollars, or 0.9 percent, to close at 120.57 dollars a barrel on the London ICE Futures Exchange.
Prices continued to garner support from a tight market and the prospect of higher demand in China.
On the data front, the U.S. Energy Information Administration is set to release its weekly petroleum status report on Wednesday. Analysts polled by S&P Global Commodity Insights forecast U.S. crude inventories to show a fall of 2.9 million barrels for the week ending June 3.
-Xinhua
