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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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza