U.S. crude oil inventories rose by 1.9 million barrels last week, according to U.S. Department of Energy, higher than consensus estimates for a 1.6 million build, but lower than the prior week build of 2.8 million barrels.
In a sign, perhaps, of rising end demand, gasoline inventory dropped by 2.8 million barrels, versus expectations for inventor to rise by nearly half a million. The drawdown was above average, the Department said.
Light sweet crude futures for June bounced back from earlier losses, rising 12 cents to $76.49.
Update: Crude futures have now backed off that modest gain and are down over a buck at $75.36. Not immediately apparent what’s driving the reversal.
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