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Crude oil futures settle higher as US oil inventories fall

03 Jun 2022 Evaluate

Crude oil futures ended higher on Thursday, extending their previous session’s gains, as the Energy Information Administration (EIA) released a report showing a much bigger than expected weekly decrease in US crude oil inventories. The report showed crude oil inventories slumped by 5.1 million barrels in the week ended May 27th compared to street estimates for a decrease of about 1.4 million barrels. The EIA also said gasoline inventories dipped by 0.7 million barrels last week, while distillate fuel inventories edged down by 0.5 million barrels.

Benchmark crude oil futures for July delivery rose $1.61 or 1.4 percent to settle at $116.87 a barrel on the New York Mercantile Exchange. Brent crude for August delivery gained $1.32 or 1.14 percent to settle at $117.61 a barrel on London's Intercontinental Exchange.