Oil Ends Higher As US Inventories Drop For 4th Week

Reuters

NEW YORK, May 28 (Reuters) - Oil prices rose in choppy trade on Thursday, snapping two days of sharp losses, after data showed a fourth weekly drawdown in U.S. crude stocks.

The U.S. Energy Information Administration (EIA) said crude oil inventories fell by 2.8 million barrels last week, ahead of Monday's Memorial Day holiday, which unofficially kicked off the peak summer driving season in the United States.

It was a fourth straight week of declines in domestic crude stocks, contrary to the draw of 857,000 barrels forecast in a Reuters survey and the build of 1.3 million barrels estimated by the American Petroleum Institute.

Despite that, oil bulls could barely push the market higher right after the EIA data. U.S. crude was down most of the day and Brent was only up slightly, both rallying just before the close.

U.S. crude settled up 17 cents, or 0.3 percent, at $57.68 a barrel, after plumbing a one-month low of $56.51. In post-settlement trade, at 4:30 p.m. EDT (2030 GMT), it was up 43 cents at $57.94 a barrel.

Brent settled at $62.58, up 52 cents, or nearly 1 percent, after a six-week low at $61.24. It rose 84 cents in post-settlement trade.

Oil prices had fallen about 3 percent in the past two sessions on the strength of the dollar.


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Brent Crude Oil : $56.86/BBL 0.76%
Light Crude Oil : $50.66/BBL 0.21%
Natural Gas : $2.959/MMBtu 0.30%
Updated in last 24 hours