Oil Prices Rise Again
Oil prices moved higher after the Energy Information Administration reported a crude oil inventory draw of 8 million barrels for the week to April 30. The oil inventory figure compared with a weekly draw of 7.688 million barrels estimated by the American Petroleum Institute a day earlier, and with a moderate build of 100,000 barrels that the EIA reported for the previous week. Analysts had expected the EIA to report a crude oil inventory decline of 2.19 million barrels for the period.
In gasoline, the authority estimated a minor stock build of 700,000 barrels for the last week of April. This compared with another modest build of 100,000 barrels for the previous week. Production last week averaged 9.1 million bpd, which compared with 9.6 million bpd during the previous week.
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