Oil Names Rally on EIA Inventory Report, Demand Optimism
U.S. oil prices finished at their highest levels in almost a month after a weekly report from the Energy Information Administration ("EIA") showed a third straight decline in crude inventories. Prices were also boosted by an overall stronger demand outlook from the major energy watchdogs.
On the New York Mercantile Exchange, WTI crude futures gained $2.97 or 4.9%, to settle at $63.15 a barrel — the highest since Mar 17.
Below we review the EIA's Weekly Petroleum Status Report for t...