Futures Movers: Oil prices gain on hopes U.S. crude supplies will reveal a drawdown

Oil prices rallied on Wednesday on hopes U.S. data will show a drawdown in stockpiles, though a global supply glut was keeping prices close to three-month lows.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLU6, +0.78% rallied 37 cents, or 0.9%, to $39.88 a barrel. On Tuesday, the benchmark finished below $40 a barrel for the first time since early April.

October Brent crude LCOV6, +0.69% on London’s ICE Futures exchange rose 35 cents, or 0.8%, to $42.15 a barrel on Wednesday.

Week to date, U.S. oil prices have fallen 4.2%, as domestic stocks of gasoline have been unusually high for this time of the year.

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