Oil gains over 1%; Brent crosses $87

Oil extended gains today, July 3, after US crude inventories data for the fourth week of June was revealed.

Brent crude rose by 1.3%, or $1.1, to close at $87.34 a barrel. WTI crude gained 1.3%, or $1.07, to record $83.88 per barrel.

Data from the US Energy Information Administration revealed that oil inventories fell by 12.2 million barrels last week, with gasoline and distillate inventories falling by 2.2 million barrels and 1.5 million barrels, respectively.

The weekly report showed that US crude production remained stable at 13.2 million barrels per day, but it showed that demand for oil—measured by finished products supplied to the market—rose by about 395,000 barrels per day during the week.