West Texas Intermediate crude oil (WTI) recorded a rise back to its highest level in a week. On signs global economic growth started to accelerate, has strengthened its fuel consumption.
A government report yesterday showed gross domestic product (GDP) grew 3.5 percent in Japan, and became the fastest growth occurring in a year.
“We saw some moderate excitement here. Traders focused on positive news at this time,” said the president of Strategic Energy & Economic Research Winchester, Michael Lynch.
WTI oil futures for June delivery rose 86 cents to USD96, 02 per barrel on the New York Mercantile Exchange, the highest close since May 10. All contracts traded volume was 3.4 percent above the average of 100 trading days.
Brent crude for July delivery rose 86 cents, or 0.8 percent to USD104, 64 per barrel on the ICE Futures Europe exchange, based in London. Volume for Brent contract 18 percent lower than the average 100 trading days.
As a result, the disparity between Brent and WTI back down to $ 8, $ 35 per barrel, after rising to $ 8, 64 per barrel. While the disparity narrowest recorded at 7.65 per barrel on May 13, the narrowest since January 2011.