Oil rises on U.S. crude storage draw, Fed rate cut hopes

A drone view of three berths able to load vessels with oil is seen after their construction at Westridge Marine Terminal, the terminus of the Canadian government-owned Trans Mountain pipeline expansion project in Burnaby, British Columbia, Canada, April 26, 2024. REUTERS/Chris Helgren/File PhotoMay 9 -

Brent crude futures for July rose 23 cents to $83.81 a barrel by 0033 GMT. U.S. West Texas Intermediate crude for June was up 29 cents to $79.28 per barrel. Crude inventories dropped last week by 1.4 million barrels to 459.5 million barrels, according to the Energy Information Administration, more than analysts' expectations in a Reuters poll for a 1.1 million-barrel draw as refinery activity increased.

Rising gasoline stocks, which swelled unexpectedly by more than 900,000 barrels in the week to 228 million barrels, the EIA said, kept prices from moving higher.earlier in the week that negotiations on a Gaza ceasefire should be able to close the gaps between Israel and Hamas negotiations, kept oil prices from moving higher.

Source: Loan Digest (loandigest.net)

REPI:STORAGE REPI:TRANSPORT-FUELS MKTREP REP AMCRU CEN CMPNY COM CRU DRV ECI ECO ENER ENFF ENG ENQSVC ENR INT MCE MOG MPLT NRG OILG OILI OILI08 OILQ OILQ1 OSTR PLCY PRIVT PROD PUBL WEU AMERS US EUROP MEAST NAMER EMEA CDTY ECON FIN O/R ENERGY

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