Oct 17, 2019
Crude Oil Extends Rally Amid Shrinking U.S. Gasoline Supplies
Bloomberg News
,(Bloomberg) -- Oil extended gains in Asian trading on Friday after a U.S. government report showed large declines in fuel inventories, outweighing a bigger-than-expected crude build.
Crude futures were up 0.2%, after settling 1.1% higher in New York on Thursday. They are down 1.3% this week. The Energy Information Administration reported that American gasoline and distillate supplies shrank by a combined 6.4 million barrels after almost 17% of domestic refining capacity went dark last week. Crude also followed equities higher amid a spate of mostly positive earnings reports.
Prices had tumbled earlier Thursday after EIA data showed U.S. crude stockpiles swelled at more than three times the rate analysts forecast in a Bloomberg survey.
To contact the reporter on this story: James Thornhill in Sydney at jthornhill3@bloomberg.net
To contact the editors responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.net, Keith Gosman
©2019 Bloomberg L.P.