Oil prices rise modestly after mixed U.S. inventory data

Oil prices jump as U.S Inventories drop

Oil prices eked out modest gains on Thursday as traders continued to digest a mixed United States  Fuel inventory report.

The west Texas intermediate for July delivery added 33 cents to settle at US$70.29 a barrel on the New York mercantile exchange.

Brent crude for August delivery increased 30 cents to close at US$72.52 a barrel on the London Ice Futures Exchange.
In a report, the U.S. Energy Information Administration said crude oil inventories decreased by 5.2 million barrels during the week ending June 4.

The EIA report also showed total motor gasoline inventories increased 7 million barrels and distillate fuel inventories rose by 4.4 percent last week.

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