Oil closes positive for 3rd session; Brent crosses $82

Oil drilling rigs

Oil pared gains in a volatile trading today, June 12, following US crude inventory data during the first week of June. However, prices maintained their upward trend for the third session in a row.

Brent crude for August delivery rose 0.85%, or 68 cents, to close at $82.60 per barrel, after touching $83.34.

WTI crude for July delivery gained 0.75%, or 60 cents, to record $78.5 per barrel, after touching $79.32.

Data from the US Energy Information Administration revealed that oil inventories rose by 3.7 million barrels last week, while expectations indicated a decline by 1.2 million barrels. Gasoline and distillate inventories increased by 2.6 million barrels and 900,000 barrels, respectively.

The weekly report indicated that US crude production increased by 100,000 barrels per day, at 13.2 million barrels per day, but it showed a decline in demand for oil—measured by final products supplied to the market—by about 1.29 million barrels per day during the week.