The likelihood of supplies slipping in the U.S. pushed up West Texas Intermediate crude oil futures on Tuesday, representing the first time in about four weeks that inventories have fallen in the world's largest consumer of the energy commodity, according to Bloomberg.
Also benefiting crude oil futures was economic data noting development and growth. The energy commodity also benefited from a strong Purchasing Managers Index released on Monday.
"The U.S. durable goods and factory orders data is the main focus for the day and will be interesting to see after decent PMI manufacturing data yesterday that showed there is good growth in the country, especially in the manufacturing sector," analyst Myrto Sokou with Sucden Financial Ltd. in London told the news source on Tuesday.
At 9:51 a.m. on Tuesday, Brent crude oil futures rose 0.63 percent, a 65-cent gain to $103.65 per barrel. At 9:30 a.m., WTI crude oil futures rose 0.61 percent, a 60-cent lift to $98.59 per barrel.
Reuters reports the energy commodity also advanced as concerns continued spreading regarding civil strife in the oil-rich Middle East causing supply chains to be disrupted.
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