Wednesday's report showed that US crude oil supplies fell 1.6 million barrels in the week ended May 20. Traders were uncomfortable with the unexpected drop, especially ahead of the summer driving season.
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US Inventories Declined, Oil Gained
Crude oil futures edged higher Thursday after
Crude oil futures edged higher Thursday after an unexpected decline in US crude inventories.
Light, sweet crude oil futures for July delivery moved up 3 cents to end at $51.01 a barrel on the New York Mercantile Exchange.
Meanwhile, on London's International Petroleum Exchange, the July Brent crude-oil futures contract added 4 cents to $50.11 per barrel.
Wednesday's report showed that US crude oil supplies fell 1.6 million barrels in the week ended May 20. Traders were uncomfortable with the unexpected drop, especially ahead of the summer driving season.
Wednesday's report showed that US crude oil supplies fell 1.6 million barrels in the week ended May 20. Traders were uncomfortable with the unexpected drop, especially ahead of the summer driving season.
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