Unexpected Decline in Gasoline Inventory Drives Oil Prices Higher

UPDATE: Crude oil inventory rose +1.96 mmb (consensus: +1.4 mmb) to 357.8 mmb in the week ended April 23. Since the beginning of the year, crude stockpile has increased 14 out of 17 weeks, indicating ample supply in the US market. Cushing stock continued to climb for the 6th week but the rise, at +0.45 mmb, was a significant moderation from previous weeks.

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Unexpected Decline in Gasoline Inventory Drives Oil Prices Higher

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