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U.S. oil price rises as Cushing supplies drop

English.news.cn   2014-05-07 05:14:32

NEW YORK, May 6 (Xinhua) -- U.S. oil prices moved up Tuesday on expectation that the supplies at Cushing continue to fall.

Crude inventories at Cushing, the delivery point for New York- traded futures, may continue to fall, said in a report of Morgan Stanley.

Stockpiles at Cushing moved down to 25.4 million barrels in the week ended April 25, according to a report of the Energy Information Administration, part of the U.S. Department of Energy. Markets expected that the crude supplies at the hub probably fell for the 13th time in 14 weeks last week.

Markets also eyed on the escalated conflict in eastern Ukraine. Reports said more than 30 pro-Russian separatists were killed in fighting near the east Ukraine.

Russia is an important producer of crude and natural gas. More than 70 percent of Russian crude and gas exports to Europe pass through Ukraine. Analysts worried that the possible U.S. or European sanctions might disrupt Russian oil exports.

On the economic front, U.S. trade deficit in March shrank to 40.4 billion U.S. dollars from 41.9 billion dollars in the prior month, as exports bounced back in the month more than imports increased, according to the Commerce Department.

The trade gap came in a little bit less than analysts' expectations, but it was not enough to lift first-quarter economic growth in the world's largest economy.

Light, sweet crude for June delivery moved up two cents to settle at 99.5 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery lost 66 cents to close at 107.06 dollars a barrel.

Editor: Mu Xuequan
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