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Oil Gains on US Data, Europe Makes Brent Underperform

June 3, 2014 at 22:11 by Vladimir Vyun

Crude oil advanced today as factory orders rose in the United States, promising growing demand for fuel and energy in the biggest world economy. Factory orders were up 0.7 percent in April, a bit higher than was expected. This week’s economic data from the USA, including nonfarm payrolls, is expected to be mostly good, and this should be helpful for oil prices. On top of that, Cushing inventories dropped to the five-year low of 21.7 million barrels.

Outside of America, news was not that good for crude. European inflation slowed to 0.5 percent in May from 0.7 percent in April, making Brent crude oil underperform compared to WTI crude.

July futures for delivery of WTI crude oil were up $0.37 (0.36 percent) to $102.84 per barrel as of 21:54 GMT on NYMEX today. Brent grade of oil traded at $108.83 per barrel on ICE, making the spread between Brent and WTI narrowest in a week.

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