Investing.com

Investing.com - West Texas Intermediate oil futures edged higher on Wednesday, after data showed that oil supplies in the U.S. fell more than expected last week.



On the New York Mercantile Exchange, U.S. crude oil for delivery in July eased up 0.23%, or 24 cents, to trade at $104.60 a barrel during U.S. morning hours. Prices were at $104.43 a barrel prior to the release of the supply data.



U.S. oil futures rose to $105.06 a barrel on Tuesday, the most since March 3, before turning lower to settle at $104.35, down 0.06%, or 6 cents.



New York-traded oil futures were likely to find support at $102.62 a barrel, the low from June 9 and resistance at $105.06 a barrel, the high from June 10.



The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories decreased by 2.6 million barrels in the week ended June 6, compared to expectations for a decline of 1.9 million barrels.



Total U.S. crude oil inventories stood at 386.9 million barrels as of last week.



The report also showed that total motor gasoline inventories increased by 1.7 million barrels, compared to forecasts for a gain of 0.9 million barrels, while distillate stockpiles rose by 0.9 million barrels, compared to expectations for an increase of 1.2 million barrels.



Meanwhile, the Organization of Petroleum Exporting Countries said on Wednesday that it would keep its official production target unchanged at 30 million barrels a day, as widely expected. The 12-member group is responsible for approximately 40% of global supply.



Elsewhere, on the ICE Futures Exchange in London, Brent oil for August delivery tacked on 0.35%, or 38 cents, to trade at $109.24 a barrel, while the spread between the Brent and U.S. crude contracts stood at $4.64 a barrel.



The spread narrowest to the lowest since April as receding stockpiles at Cushing, Oklahoma, the delivery point for Nymex oil futures, eased concerns over a supply glut.





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