Oil Jumps As EIA Reports Surprise Crude Build ...Middle East

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Oil Jumps As EIA Reports Surprise Crude Build
source : OILPRICE ( Middle East ) () 38
Crude oil prices moved higher moments before the Energy Information Administration reported an inventory build of 4.5 million barrels for the week to May 26. At 459.7 million barrels, crude oil inventories in the U.S. are around 2% below the five-year average for this time of the year. Last week’s change compares with a substantial draw of 12.5 million barrels for the previous week, which caused prices to jump but only for a short while. This week, the American Petroleum Institute surprised markets with a large inventory build…

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