WTI edged into fresh highs near $81.40 as energy markets hope for drawdown.
EIA barrel counts reported a larger-than-expected decline in US Crude Oil stocks.
Barrel traders edge bids higher on extended hopes of a summertime supply crunch.
West Texas Intermediate (WTI) US Crude Oil inched into fresh highs on Thursday, clipping $81.40 and continuing its march towards the $82.00 handle. Crude Oil markets lurch forward on renewed hopes of a summertime upswing in fuel demand helping to chew away at a looming oversupply issue in global oil supplies.
The Energy Information Administration (EIA) reported an unexpected decline in US Crude Oil Stocks Change for the week ended June 14. EIA barrels counts printed a -2.547 million barrel decline, sharply down from the previous week’s 3.73 million barrel buildup and even lower than the forecast -2.0 million decline. Despite the drag on EIA barrel stocks, traders with a calculator handy will note that the week’s backslide brings EIA Crude Oil counts for the year to a 26 million barrel surplus.
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