U.S. oil futures settled higher for a second straight session Wednesday, with production cuts by major producers offsetting pressure from a hefty weekly rise in U.S. crude supplies. While prices across the oil complex moved higher “following a growing belief that Saudi and Russian production cuts will increasingly chip away at crude inventories through the second half of the year, today’s EIA report showed no such destocking,” said Troy Vincent, senior market analyst at DTN. The Energy Information Administration’s data continues to “point to weakness in U.S. refined product demand,” he said. The EIA reported a 5.9 million-barrel weekly rise in U.S. crude supplies, along with an increase of 4.8 million barrels in distillate stockpiles. West Texas Intermediate crude for August delivery CLQ23 rose by 92 cents, or 1.2%, to settle at $75.75 a barrel on the New York Mercantile Exchange, the highest finish since late April, according to Dow Jones Market Data.
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