Crude Surged to a 5-week High Despite Rise in Inventory

We believe crude's rally in NY session Wednesday despite rise in oil inventory and mixed economic data was because traders focused on decline in utilization rate and increase in gasoline demand. WTI crude oil surged to as high as 78.13 before settling at 77.67, up +0.95%. Brent crude also soared, by +1.37%, to 78.68.

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Crude Surged to a 5-week High Despite Rise in Inventory