Oil (NYSE:USO) markets were strong in Wednesday. WTI for July delivery was up $1.65 to $100.74 per barrel. Brent crude for the front month was $1.05 higher to $117.83 per barrel in London. OPEC did not raise its production quota since Saudi Arabia failed to get enough support for its initiative. According to Capital Economics, an extra 1.5 million barrels of oil per day are necessary to stabilize oil prices. The US Energy Information Administration reported a 4.8 million barrels decrease in oil supplies, and gasoline (NYSE:UGA) supplies rose 2.2 million barrels.
Natural Gas (NYSE:UNG) for July delivery was up $0.004 to $4.831 per MMBtu.
