Oil Jumps After EIA Confirms Large Crude Inventory Draw ...Middle East

OILPRICE - Economy

Crude oil prices rose further after the Energy Information Administration reported today an inventory draw of 5.1 million barrels for the week to May 27. This compared with a draw of 1 million barrels for the previous week. At 414.7 million barrels, U.S. crude oil inventories are some 15 percent below the five-year average for this time of the year. In gasoline, the EIA estimated an inventory draw of 700,000 barrels for the week to May 27, which compared with a decline of half a million barrels for the previous week. Gasoline production went up…

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