Oil futures rise on US energy report

Oil futures have climbed in commodities trading this morning (February 7th), after an official report revealed supplies of the black stuff rose by less than expected, while distillate stockpiles declined for a second consecutive week.

According to the Energy Information Administration, reported that crude supplies rose by 2.6 million barrels for the week ending February 1st, when analysts polled by Platts expected a three million-barrel increase.

Motor gasoline supplies jumped by 1.1 million barrels, while distillate stocks decreased by one million barrels. Analysts projected a 1.75 million-barrel rise in gasoline and a fall of 750,000 barrels of distillate.

The fall in distillate supplies comes as refinery utilisation dropped last week to 84.2 per cent 85 per cent from the week before.

This appreciation has erased previous declines, as the market has been spooked of late by the fact US stockpiles stand at a near 30-year high for this time of year.

At 11:50 GMT, Brent Crude Oil Futures rose by 0.8 per cent to $117.64 per unit.

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