WASHINGTON (dpa-AFX) - Crude oil prices climbed higher on Thursday, and lifted the August series futures contract to a positive close on the expiration day.
Gold prices recovered from Wednesday's levels amid fears of declining supplies from Russia. Data released by the Energy Information Administration (EIA) yesterday, which showed a smaller than expected drop in U.S. crude inventories, also supported oil prices.
The EIA data had showed crude oil inventories dropped by 0.71 million barrels in the week ended July 14, as against an expected decline of 2.4 million barrels.
West Texas Intermediate Crude oil futures for August settled at $75.63 a barrel on the expiration day, gaining $0.28 or about 0.4%.
Brent crude futures were up $0.31 or 0.39% at $79.77 a barrel a little while ago.
'Crude prices are drifting higher on what is a very slow news day for crude. Yesterday's declining stockpile data and weak demand stats didn't help oil extend its recent rally,' says Edward Moya, Senior Market Analyst at OANDA.
'Today's US data painted a mixed picture for the economy as the labor market still looks tight, while other parts of the economy remain weak. Brent crude looks like it wants to find a home below the $80 level and that might support a broadening formation until next Wednesday's EIA report and FOMC meeting,' Moya adds.
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