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Oil Futures Adds to Tuesday's Gain in Asia

27 Jun 2018 4:56 am

By Biman Mukherji

--Oil futures rose further Wednesday in Asian trading following Tuesday's surge on the U.S. threatening to slap sanctions on countries which don't stop importing Iranian oil by early November.

--August light, sweet crude on the New York Mercantile Exchange was recently up 0.4% at $70.79 a barrel in the Globex trading session. September Brent also climbed 0.4%, to $76.44.

--WTI notched a fresh 1-month settlement high on Tuesday following the Iran news while Brent notched a 2-week best. Both were helped in Asian trading by the American Petroleum Institute saying that U.S. oil inventories fell by triple the rate--9.2 million barrels--expected in the government's report Wednesday.

--As the spread between WTI and Brent has been narrowing of late from a recent $10 a barrel, the supply disruption out of Canada's oil sands could keep that trend continuing, said Daniel Hynes, an analyst at ANZ.

Write to Biman Mukherji at biman.mukherji@wsj.com

(END) Dow Jones Newswires

June 27, 2018 00:56 ET (04:56 GMT)

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