The US Energy Information Administration reported that US crude supplies fell 4.2 million barrels for the week ended May 20.
July WTI oil settled at USD49.56/bbl, up 94 cents, or 1.9% — the highest level since Oct. 9
Earlier this week, Baker Hughes said that the number of active US rigs drilling for crude was unchanged at 318 after falling over the last eight weeks in a row.
That’s a sign that US oil companies think oil will get above USD50, making production more profitable.
Copyright RTT News/dpa-AFX