Oil boosted by signs U.S. crude glut is shrinking
Posted: Thu May 11, 2017 6:30 am
MarketWatch - 5/11/2017 - Jenny W. Hsu - Crude futures pushed higher Thursday as investors are interpreting the latest hefty decline in U.S. crude inventories to be a harbinger of future demand. Light, sweet crude futures for delivery in June CLM7, +1.48% climbed 64 cents, or 1.4%, to $47.97 a barrel on the New York Mercantile Exchange. May Brent crude LCON7, +1.41% on London’s ICE Futures exchange picked up 60 cents, or 1.2%, to $50.82 a barrel. Oil prices shot up more than 3% on Wednesday after data from the Energy Information Administration showed U.S. crude stockpiles dropped 5.2 million barrels in the week ended May 5, far exceeding market expectations. The reading marks the biggest weekly drawdown since December. The surprise decrease in gasoline and distillate inventories also helped mitigate worries that U.S. commuters weren’t soaking up enough gasoline to offset supply. Read more @ http://www.marketwatch.com/story/oil-bo ... st=markets