Crude futures post gains

NEW YORK, August 4, 2016 – Oil futures were up in the early hours of trading on Thursday, posting fresh gains over the previous session. WTI futures hit USD 41.11 per barrel while Brent was going for USD 43.28 per barrel.

Some analysts said a larger-than-expected drop in US petrol stocks was driving up prices, while others pointed to the weaker dollar as responsible for the crude come back. Oil prices passed the USD 50-mark in June, but have been on a steady decline over the past few weeks amidst a persistent glut.

On Tuesday, WTI futures for September fell to USD 39.93 per barrel, a level last seen in April.

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