US supplies of crude oil fell 1.6 million barrels to 332.4 million in the week ended May 20, the first decline in five weeks. But gasoline stocksrose 600,000 barrels to 215.4 million barrels last week and output averaged 9 million barrels a day, the highest this year.
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Oil Crossed $50 Border
Oil prices jumped above $50 per barrel Wednesday after the Department of Energy report
Oil prices jumped above $50 per barrel Wednesday after the Department of Energy reported that US oil inventories unexpectedly declined.
Light, sweet crude oil futures for July delivery rose $1.31 to end at $50.98 a barrel on the New York Mercantile Exchange.
Meanwhile, in London the July Brent crude-oilfutures contract climbed $1.25 to settle at $50.07 per barrel on International Petroleum Exchange.
US supplies of crude oil fell 1.6 million barrels to 332.4 million in the week ended May 20, the first decline in five weeks. But gasoline stocksrose 600,000 barrels to 215.4 million barrels last week and output averaged 9 million barrels a day, the highest this year.
US supplies of crude oil fell 1.6 million barrels to 332.4 million in the week ended May 20, the first decline in five weeks. But gasoline stocksrose 600,000 barrels to 215.4 million barrels last week and output averaged 9 million barrels a day, the highest this year.
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