Economic data showing reductions to supplies in Oklahoma prompted West Texas Intermediate crude oil futures on Wednesday to increase in value, according to Bloomberg.
The Cushing site is the contract's delivery point and the Energy Information Administration indicated inventories there fell 652,000 barrels to total 49.1 million for week ended May 3. The arm of the U.S. Department of Energy stated countrywide supplies of the energy commodity increased by 230,000 barrels to amount to 395.5 million.
"WTI strength is coming from the supply drop at Cushing," futures division director Bob Yawger with Mizuho Securities USA Inc. in New York told the news source on Wednesday. "This shows that WTI is no longer bottled up at Cushing and making its way to refiners."
At 10:29 a.m. on Wednesday, WTI crude oil futures rose 0.56 percent, a 54-cent increase to $96.16 per barrel. At 10:25 a.m., Brent crude oil futures inclined 0.22 percent, a 23-cent lift to $104.63 per barrel.
Reuters reports the energy commodity also benefited from China, the globe's second-largest consumer, indicating imports increased last month. But gains were curbed by questions about global demand.
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