Projections about reduced supplies last week prompted West Texas Intermediate crude oil futures to gain in value on Tuesday, marking the third consecutive trading session of advances for the energy commodity, according to Bloomberg.
Slipping inventories indicates the U.S., the globe's largest consumer of crude oil, is showing stronger demand, which also notes the economic recovery is advancing. The U.S. dollar losing value also prompted the energy commodity to gain on commodity markets on Tuesday.
"The market is pricing in the possibility of another drawdown in supplies," senior market analyst Phil Flynn with the Price Futures Group in Chicago told the news source on Tuesday. "It's giving oil some momentum. The market is up with the dollar being down."
At 9:30 a.m. on Tuesday, WTI crude oil futures edged up 0.23 percent, a 24-cent lift to $106.56 per barrel. Brent crude oil futures moderately rose 0.07 percent, an 8-cent gain to $109.17 per barrel.
Reuters reports Brent crude oil futures pushed to their top price in roughly 90 days during the Tuesday trading session as inventories contracted.
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