Brent crude futures extend rise to $2 after EIAs

By @ibtimes on

Brent crude futures extended gains to more than $2 on Wednesday, but in choppy trading, after a weekly government report showed crude stocks fell slightly in the United States last week as refinery utilization rose.

U.S. crude stocks fell 15,000 barrels in the week to May 13, according to a report from the U.S. Energy Information Administration, against a forecast for supplies to be up 1.0 million barrels. Stocks at the key Cushing, Oklahoma, oil hub saw a bigger decline.

ICE Brent July crude rose $1.69 to $111.68 a barrel by 10:57 a.m. EDT (1457 GMT), trading as high as $112.06 after the data, having bounced earlier off its intraday low of$110.42.

(Reporting by Robert Gibbons)

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