Oil rose in the Asian trade today, tracking gains in the US equities market, analysts said, while dealers seemed to ignore data showing a surge in stockpiles.
New York’s main contract, light sweet crude for July delivery, gained 36 cents to $101.68 a barrel, while Brent North Sea crude was up 30 cents at $115.23.
“The WTI was $1.73 higher (in New York late Wednesday), settling at $101.32, which was a two-week high because the equity market was high,” said Ms Shailaja Nair, a Singapore-based Platts analyst.
US stocks posted modest gains on Wednesday, snapping a three-day losing streak, despite disappointing manufacturing data from the US, the world’s largest economy and number one oil consumer.
A bearish report from the Department of Energy (DoE) that showed US crude stocks rose 600,000 barrels in the week to May 20 appeared to have a muted impact on the sentiment.
The weekly DoE report also said US gasoline inventories jumped 3.8 million barrels in contrast to predictions of a drop.
Gasoline figures are being closely watched ahead of the peak-demand US driving season in the starting next week, when many Americans begin hitting the road for their summer holidays.