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Oil prices were still on the up in Wednesday trading, with growth buoyed by anticipation of key U.S. economic data, Reuters has reported.
July futures for North Sea Brent blend have risen by 0.35% since the start of trading to $65.31 per barrel, while July futures for WTI crude oil were up by 1.3%, to $60.90 per barrel.
The U.S. Energy Department is expected on Wednesday to release data on oil stocks in the country for the week ended June 5. Analysts predict an oil stocks decline by 1.720 million barrels, to 475.7 million barrels. A week earlier commercial U.S. crude oil stocks fell by 1.9 million barrels, to 477.4 million barrels.
The market dynamics could also have been affected by oil stocks data published by the American Petroleum Institute (API) early Wednesday. In its report, the API said stocks have been shrinking by 6.7 million barrels per day.