On the New York Mercantile Exchange, light, sweet crude futures fell 0.12% to USD106.40 per barrel in Asian trading Thursday after settling up 2.21% at USD105.82 a barrel on Wednesday in the U.S.
Oil prices hit their highest levels in 14 months on Wednesday after the Energy Information Administration reported that U.S. crude oil inventories fell by 9.9 million barrels in the week ended July 5, blowing past expectations for a decline of 3.3 million barrels, which sparked a rally amid speculation demand is picking up as the world's largest economy improves.
The report also showed that total motor gasoline inventories decreased by 2.6 million barrels, confounding expectations for an increase of 1.2 million barrels.
That data helped traders gloss over dismal data out of China, the world's second largest consumer of crude. China reported earlier that its exports fell 3.1% from a year earlier in June, confounding expectations for a 4.0% increase.
After the close U.S. markets, Bernanke delivered comments that sent U.S. stock futures and commodities soaring while sending the U.S. Dollar Index plunging. In those remarks, Bernanke said the Fed’s accommodative monetary policy is needed over the near-term, quelling speculation that the central bank could begin tapering its USD85 billion-per-month easing program as soon as September.
While data from the U.S. labor market, manufacturing sector, housing industry and other sectors of the economy have come in better than expected recently, Bernanke noted the U.S. unemployment rate of 7.6% may belie the job market’s actual strength, indicating that last week’s stronger-than-expected June jobs report did not factor into his comments.
Elsewhere, Brent for August delivery added 0.36% to USD108.42 per barrel on the ICE Futures Exchange.
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