Oil Higher After Higher than Expected Crude Drawdown

Oil prices turned higher Wednesday after data from the U.S. Energy Information Administration showed that domestic crude supplies fell 3.6 million barrels for the week ended April 21.

The American Petroleum Institute late Tuesday reported a rise of 897,000 barrels, while analysts polled by S&P Global Platts forecast a fall of 1 million barrels. Gasoline stockpiles rose by 3.4 million barrels, while distillate stockpiles were up 2.7 million barrels last week, according to the EIA.

The S&P Global Platts survey had forecast sizable declines for both products. June crude CLM7, +0.99% rose 28 cents, or 0.6%, to $49.85 a barrel on the New York Mercantile Exchange. It traded at $49.28 before the supply data.

via MarketWatch

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