Oil Prices Closed At &Nbsp, Traders Remained Cautious.

Crude oil futures failed to accumulate upward momentum, although the International Energy Agency raised its medium-term forecast for oil prices in a report.

In addition, the US Department of Commerce (Commerce Department) announced that the number of new housing starts in the United States increased slightly in May, and the number of initial applications for unemployment benefits fell slightly last week.

But the news failed to trigger a massive buying of investors. Market participants were cautious when oil prices fell more than 4% on Wednesday.

Peter Beutel, head of Cameron Hanover, an oil trading consultancy, said the market was still very tight, and employment and housing data did not signal a strong economic recovery.

In July, the RBOB gasoline futures settlement price rose 2.59 cents to 2.9494 dollars per gallon, or 0.9%.

July heating oil futures clearing price rose 1.9 cents to 3.0038 dollars per gallon, or 0.6%.