Brent Oil Recovers $70 Following Bullish U.S. Crude Inventory Data
Source: www.investing.com
In the week to May 3, U.S. crude oil inventories decreased by 3.96 million barrels, as per the Energy Information Administration’s regular weekly report released Wednesday. The decline came after two prior weekly builds, and was unexpected as analysts had forecasted a stockpile build of 1.22 million barrels. Following the data release, U.S. West Texas Intermediate oil rose 1.3% at $62.19 a barrel by 11:07 AM ET on Wednesday, compared to $61.63 prior to the publication.
