Oil stays steady as players digest US stocks data

Oil held on to most of yesterday’s gains as market players continued to digest US inventory data released yesterday that showed a surprise fall in crude oil stocks and a rise in gasoline inventories.

Oil rose yesterday after the US Energy Information Administration said crude stocks fell by 2 mln barrels in the week to May 25, confounding expectations of a 1.1 mln barrel rise. At the same time, however, the agency also said gasoline inventories rose for the fourth time by 1.3 mln barrels last week, largely in line with market expectations of a 1.1 mln barrel gain.

Forbes