Oil logs first gain in 6 sessions; Brent crosses $78

Oil drilling rigs

Oil turned higher today, June 5, ending a series of losses that continued for five consecutive sessions, and amid latest US crude inventory data for the week ended May 31.

Brent crude futures for August delivery rose 1.15%, or 89 cents, to close at $78.41 per barrel.

WTI crude for July delivery rose by 1.1%, or 82 cents, to record $74.07 per barrel.

Data from the US Energy Information Administration revealed that oil inventories rose by 1.2 million barrels last week, while expectations indicated a decline of 2.1 million barrels.

The weekly report indicated that US crude production was stable at 13.1 million barrels per day, but it showed an increase in demand for oil – measured by final products supplied to the market – by about 1.13 million barrels per day during the week.