(MENAFN- ProactiveInvestors)
West Texas Intermediate oil futures settled higher overnight with the U.S. benchmark near US$59 a barrel as the government reported a third straight weekly fall in crude supplies and tensions in the Middle East intensified.
Prices recouped less than half of what it lost day earlier however as U.S. production failed to decline as some traders had expected.
On the New York Mercantile Exchange West Texas Intermediate for July delivery jumped 1.7% to US$58.98 a barrel.
Prices which dropped 3.7% yesterday on the back of a stronger U.S. dollar pared gains after the supply data then moved back toward the session’s high by the close.
July Brent crude on London’s ICE Futures exchange gained 1.6% to US$65.03 a barrel.
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