Oil prices surged after U.S. stockpile data Wednesday showed another surprise weekly decline as coronavirus lockdown restrictions continue to ease across the country.
The Energy Information Administration reported crude inventories dropped by 5 million barrels last week. Analysts polled by S&P Global Platts saw an increase of by 2.4 million barrels.
Last week, EIA stunned markets by reporting a surprise drop in U.S. crude inventories, the first since January.
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Source: Investor’s Business Daily