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Crude Rebounds After U.S. Data Shows Crude and Fuel Stock Drop

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(Bloomberg) — Crude rebounded after a U.S. government report showed a sweep of withdrawals in crude, gasoline and distillate stockpiles.

Futures erased losses in New York briefly before trading little changed Wednesday. U.S. crude stockpiles fell for a second week, gasoline supplies contracted by the most since early March and distillate inventories slid for a sixth straight week, according to the Energy Information Administration. Meanwhile, the International Energy Agency cut forecasts for demand growth this year and also boosted estimates for supply from OPEC’s rivals, placing a lid on any rally.

West Texas Intermediate crude for June delivery traded unchanged at $71.31 a barrel at 10:38 a.m. on the New York Mercantile Exchange. Total volume traded was 10 percent above the 100-day average. Brent for July settlement fell 5 cents to $78.38 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude traded at a $7.04 premium to WTI for July.

To contact the reporter on this story: Jessica Summers in New York at jsummers24@bloomberg.net.

To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net, Catherine Traywick, Joe Carroll

©2018 Bloomberg L.P.

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