Energy Preview: Oil prices jump amid surprise draw in US inventories

Crude oil futures jumped on Thursday morning after the American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 4.236 million barrels in the week ending May 23. The API reported a 2.499 million barrel inventory increase in the prior week. Gasoline inventories fell in the week ending May 23, by 528,000 barrels, after falling by 3.238 million barrels in the week prior. Distillate inventories were up this week, by 1.295 million barrels. In the week prior, distillate inventories fell by 1.401 million barrels.

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