Oil snapped a five-day win streak today despite crude inventories swelling less than forecasted. WTI has now soared over 50% in the last week and some of this selling could be attributed to investors locking in gains. \u201cThe rally in crude also feels lofty as discussions with refiners continue to suggest lower run cuts are in the cards given weak margins,\u201d analysts at Tudor, Pickering, Holt & Co. said in a statement. US commercial crude inventories rose by $4.6 MM\/bbls for the week ended May 1, compared to a forecasted build of 8.67 MM\/bbls. In the U.S., data from the Energy Information Administration showed that last week’s production declined by 200,000 bpd to 11.9 million bpd. This is 1.2 million bpd below March\u2019s record high. WTI traded down $.47 or -1.91% to close at $24.09. Brent traded down $1.06 or -3.42% to close at $29.91. <\/p>\n\n\n\n
Oil snapped a five day win streak today despite crude inventories swelling less than forecasted. WTI has now soared over 50% in the last week and some of this selling could be attributed to investors locking in gains.<\/p>\n","protected":false},"author":2,"featured_media":661,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n