Data from the
Gasoline stocks dropped by 0.77 million barrels last week, while analysts anticipated a decline of 1.0 million barrels. Inventories of distillate, including heating fuel, declined 1.1 million barrels, even as analysts anticipated an increase of 1.0 million barrels. The EIA report also showed a decline of about 0.60 million barrels at Cushing storage hub for the week.
Light Sweet Crude Oil futures for June delivery, the most actively traded contract, gained
Crude prices for June delivery scaled a high of
On Tuesday, crude oil futures ended higher amid concerns over the ongoing unrest in
The dollar index, which tracks the US unit against six major currencies, traded at 80.06 on Wednesday, down from its previous close of 80.12 late Tuesday in North American trade. The dollar scaled a high of 80.13 intraday and a low of 79.99.
The euro traded higher against the dollar at
In economic news from the US, a report from the
Core producer prices, which exclude food and energy, also showed continued growth, climbing by 0.5% in April after rising by 0.6% in March. Core prices had been expected to rise by 0.2%.
Meanwhile, the Bank of
Eurozone industrial production dropped in March, driven by declines in the output of the big four countries, raising concerns over the strength of the economic recovery in the 18-nation economy. Production shrunk 0.3% in March following a 0.2% increase in the previous month. This was in line with economists' expectations.
All the big four economies registered declines in output during March, with production falling 0.2% in
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