Crude oil prices were higher Wednesday after the stock markets saw gains and a report by the U.S. Commerce Department said that durable goods orders rose 2.9 percent overall in April.The profit came after the U.S. Energy Information Administration reported that crude oil stocks while receiving more than expected last week, gasoline and distillate inventories unexpectedly declined while crude oil, gasoline and distillates in storage were all higher than last years levels.
The EIA said inventories of crude oil 2.4 million barrels is added to the week ending May 21, to 365,100,000 barrels, two million barrels more than last year at the same time.
Gasoline inventories fell by 200,000 barrels and distillates fell by 300,000 barrels in the week, but gasoline stocks remained 18.2 million barrels higher than last year and there were 4.1 million barrels in distillates more storage than last year at this time .
While the key storage facility at Cushing, Oklahoma fell 324,000 barrels from storage last week, supplies remain 23 percent higher than the level of last year.
In afternoon trading in New York, had in July contracts for West Texas Intermediate crude added $ 2.53 to $ 71.28 a barrel on the New York Mercantile Exchange, while last report Brent crude was $ 1.94 higher at $ 71.49 a barrel on the ICE Futures Europe exchange in London.
Nymex June gasoline and heating oil futures in June were up 4 cents each in afternoon trading at 1.97 U.S. dollars per gallon and $ 1.92 per gallon, respectively, while natural gas futures in June 1915 added cents to 4.20 U.S. dollars per million British thermal units.
The selling price of a liter of unleaded regular in the United States fell by nearly a penny to $ 2.771 per gallon overngiht national average.
source:oilmarketer.com
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