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