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- Crude oil prices are up on lower U.S. crude oil inventories
Crude oil prices are up on lower U.S. crude oil inventories
Crude oil prices increased on lower U.S. crude oil inventories. The U.S. Energy Information Administration (EIA) said on Wednesday that U.S. commercial crude inventories rose by 1.9 million barrels last week. Analysts had expected a gain of 2.3 million barrels.
The EIA also said that crude oil inventories at the oil hub at Cushing, Oklahoma, fell for the first time since November 28, 2014.
These figures may indicate that an oil glut starts to ease.
WTI crude oil for June delivery increased to $58.55 a barrel on the New York Mercantile Exchange. Brent crude oil for June climbed to $65.14 a barrel on ICE Futures Europe.
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