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U.S. oil futures settle with a modest gain as traders weigh demand prospects, drop in U.S. supplies

37717 us oil futures settle with a modest gain as traders weigh demand prospects drop in us supplies

U.S. oil prices posted a modest gain on Wednesday, finding some support following data from the Energy Information Administration, which showed a weekly drop of 8 million barrels in U.S. crude supplies. Prices, however, also saw pressure from worries about the demand outlook, and as Europe appeared reluctant to implement any sort of ban on Russian oil anytime soon. Germany, which gets about a quarter of its oil from Russia, said Wednesday that it will stop imports of Russian oil by the end of the year, according to a BBC News report. West Texas Intermediate crude for May delivery CLK22, rose 19 cents, or 0.2%, to end at $102.75 a barrel on the contract’s expiration day on the New York Mercantile Exchange. The new front month June contract CLM22, +0.32% settled at $102.19, up 14 cents, or 0.1%.

Source: Marketwatch

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