EIA Inventory Report Sends Oil Higher

Crude oil inventories in the United States shed 5.1 million barrels in the week to May 28, the Energy Information Administration reported today, adding inventories were now at 3 percent below the five-year average for this time of the year. A day earlier, the American Petroleum Institute estimated crude oil inventories had declined by a solid 5.36 million barrels in the reporting period, pushing prices higher. Analysts had expected the EIA to report an inventory decline of 2.114 million barrels. In gasoline, the EIA estimated an inventory build…