U.S. oil futures pared some of their earlier gains on Wednesday after the government reported a third straight weekly fall in crude supplies, but data also showed that production failed to decline.
Prices for Brent crude, the global benchmark climbed, supported by brewing tensions off the coast of Yemen, which can threaten crude supplies in the region.
On the New York Mercantile Exchange, July crude CLN5, +1.57% traded at $58.61 a barrel, up 63 cents, or 1.1%. Prices, which dropped 3.7% on Tuesday on the back of a stronger U.S. dollar, were trading higher at around $58.80 before the supply data.
July Brent crude LCON5, +1.44% on London’s ICE Futures exchange rose 88 cents, or 1.4%, to $64.90 a barrel.
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