Oil futures edged higher following reports of a larger-than-expected crude inventories drawdown in the U.S.
“U.S. crude oil inventories fell by 5.2 million barrels, which is larger than the market was expecting,” ING said, citing API data.
“However, large builds were once again seen on the products side, with gasoline and distillate stocks increasing by 4.9 million barrels and 6.9 million barrels, respectively.”
Meanwhile, the EIA raised its 2024 U.S. crude oil production forecast to an average of 13.2 million barrels a day, and predicted a further increase to 13.4 million barrels a day in 2025.