News 11 july — 11:46

Oil prices continue to climb

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Oil prices rose on Thursday after data showed U.S. crude inventories fell last week, Reuters reports.

The Energy Information Administration (EIA) said crude oil inventories plummeted by 9.50 million barrels in the week to July 5. Forecasts predicted a stockpile draw of 3.08 million barrels, after a decline of 1.09 million barrels in the previous week.

Oil prices jumped as much 4.5% overnight immediately following the EIA report.

U.S. Crude Oil WTI Futures last traded at $60.62 by 1:14 AM ET (05:14 GMT), up 0.3%. International Brent Oil Futures gained 0.2% to $67.17.

Also supporting oil markets was news that Iran tried to seize a British tanker in Persian Gulf. The oil tanker was crossing into the Strait of Hormuz area when Iranian boats approached it and demanded that the tanker change course and stop in nearby Iranian territorial waters, CNN reported.

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