Crude futures settled lower on Wednesday, despite the
release of a bullish report from the Energy Information Administration (EIA),
showing U.S. crude inventories fell more than expected in the previous week,
extending the dip in U.S. crude stockpiles to a sixth-straight week. For the
week ended May 19, the EIA said that crude oil inventories fell by 4.43 million
barrels, compared to expectations of a draw of around 2.4 million barrels.
Meanwhile, gasoline inventories dropped by only 0.485 million against
expectations for a draw of 0.74 million barrels while distillate stockpiles
fell by 0.485 million barrels, compared to expectations of a 0.74 million
decline.
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