Oil Pulls Back After Fresh Highs Despite Inventory Drawdown
Oil futures reached fresh 10-month highs and immediately turned lower despite data showed US crude oil inventories declined more than expected last week.
US Department of Energy reported US crude oil inventories fell by 3.226 million barrels versus 3 million barrels expected, while output production rose 0.114% to 8.745 mln barrels per day.
West Texas Intermediate crude oil for July delivery reached a peak of $51.34 a barrel and briefly dropped below the $51 level. At time of writing, WTI was trading at $51.05, 1.35% higher on the day.