Crude futures rallied, closing higher than they were before the IEA announced its emergency oil stocks release on 23 June. The contracts moved out of their recent narrow ranges as encouraging US economic data were released and the EIA reported a dip in US crude inventories. Ice front-month Brent was at an intra-day low of $109.50/bl on 1 July and a high of $118.70/bl on 7 July, closing up by $4.97/bl on the previous day's settlement. Nymex front-month WTI was at an intra-day low of $93.45/bl on 1 July and a high of $99.42/bl on 7 July.
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