The S&P 500 and the Nasdaq Composite closed at fresh records on Tuesday.
Crude oil futures were little changed Wednesday as fears that Hurricane Beryl could disrupt Gulf Coast refineries eased. West Texas Intermediate fell 13 cents to $82.68 per barrel, while Brent dropped 13 cents to $86.13 per barrel. Prices hit two-month intraday highs Tuesday amid concerns that Beryl could hit Gulf Coast oil infrastructure. Prices ultimately closed lower, however, as the storm is expected to weaken into a tropical storm before potentially hitting south Texas as early as Sunday.
There are signs that demand may be picking up in the U.S., with crude oil inventories falling by 12.2 million barrels last week, according to the Energy Information Administration. Gasoline stockpiles declined by 2.2 million barrels. Gasoline prices are averaging $3.51 per gallon ahead of the Fourth of July, up about 2 cents from last week 'This decline in Crude levels might just have saved more of a sell off after the hurricane news,' said John Evans, analyst at oil broker PVM.
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