Crude oil futures hit one week high

Crude oil futures traded high today and hit a one week high on Wednesday, as US government report displayed oil supplies lost gains significantly more than analysts expected last week.

On the New York Mercantile Exchange, light sweet crude futures for June delivery traded at 94.40 USD a barrel, up 1.2% on the day.

New York oil prices grew by 1.5% earlier today and hit a session high of 94.47 USD a barrel, the highest level since May 29.

The US is the world’s biggest oil consuming country, responsible for almost 22% of global oil demand.

Before the release of the supply data report, prices traded at 94.04 USD a barrel.

Total US crude oil inventories stood at 391.3 million barrels as of last week.

Traders are now expecting Friday’s closely watched report on US nonfarm payrolls for further data regarding the US economy strength and the need for further stimulus from the Fed.

Oil prices traded higher earlier in the day after data showed that the US private sector increased less than expected jobs in May.

The previous month’s figure was revised down to an increase of 113,000 from a previously reported growth of 119,000.

Also this Wednesday, the Institute of Supply Management reported its non-manufacturing purchasing manager’s index grew to 53.7 in May from a reading of 53.1 in April, higher than analysts’ expectations for an increase of 53.5.

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