Oil futures remained lower Thursday after government data showed an unexpected rise in U.S. crude inventories. The Energy Information Administration said...
Oil futures remained lower Thursday after government data showed an unexpected rise in U.S. crude inventories. The Energy Information Administration said inventories rose 7.9 million barrels in the week ended May 22. Oil had been under pressure after the American Petroleum Institute late Wednesday reported that crude inventories rose 8.7 million barrels last week, according to sources.
Analysts surveyed by S&P Global Platts had expected the more closely followed EIA report to show crude inventories fell by 1.2 million barrels. EIA said gasoline stocks fell 700,000 barrels, while distillates were up 5.5 million barrels. The S&P Global Platts analysts had forecast a supply decline of 1 million barrels for gasoline and a stockpile increase of 2.5 million barrels for distillates. Supplies at Cushing, Oklahoma, the New York Mercantile Exchange delivery hub, fell 3.
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