Oil prices rebound as crude inventories shrink

OilPrice.com | Irina Slav
After last week’s EIA’s Weekly Petroleum Data Report came out, oil prices rose.
Crude oil prices moved higher today after the Energy Information Administration reported a draw in crude oil inventories of 4.2 million barrels for the week to May 25, a day after the API pressured benchmarks by estimating an unexpected inventory increase of 1 million barrels for the period. Analysts had expected a build of 920,000 barrels for last week, after a 5.8-million-barrel increase a week earlier.
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