Oil soars on bullish EIA inventory report

OILPRICE | A week after it served a much-needed boost to markets with a crude oil inventory draw, today the Energy Information Administration strengthened the mood by reporting an oil inventory draw of 5 million barrels for the week to May 15.


This compared with a draw of 700,000 bpd last week and analyst expectations for a 967,000-barrel draw. Yesterday, the American Petroleum Institute estimated that oil inventories had fallen by 4.8 million barrels in the reporting period.


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