Crude oil futures extended gains from the previous session on Tuesday, as investors looked ahead to the release of key U.S. weekly supply data to gauge the strength of oil demand from the world’s largest consumer. On the New York Mercantile Exchange, light sweet crude futures for delivery in August traded at USD95.71 a barrel during European morning trade, up 0.6% on the day. New York-traded oil prices rose by as much as 1% earlier in the day to hit a session high of USD95.79 a barrel, the strongest level since June 21. Elsewhere, on the ICE Futures Exchange, Brent oil futures for August delivery rose 0.4% to trade at USD101.58 a barrel, with the spread between the Brent and crude contracts standing at USD5.87 a barrel, the narrowest level since January 2011.
Meantime, the market is waiting for the release of fresh weekly information later today on U.S. stockpiles of crude and refined products to gauge the strength of oil demand in the world’s largest oil consumer.