US inventories numbers send oil higher

Crude oil prices were higher Wednesday after the US Energy Information Administration released its latest inventories numbers, which showed that US stockpiles of crude oil and gasoline were lower last week.

The EIA said that crude oil inventories dropped by 2.1 million barrels in the week ending 15 May to 368.5 million barrels, while gasoline stockpiles were down by 4.3 million barrels but distillates in storage added 600,000 barrels during the week.

Crude oil and gasoline inventories had been expected to decline, but both drops were much steeper than had been anticipated.

Still, crude oil stockpiles remain 48.1 million barrels over their level last year at this time.

In early afternoon trade in New York, July contracts for West Texas Intermediate crude had added $1.28 to $61.38 per barrel, while at last report Brent crude had gained $1.23 to $60.15 per barrel.

Earlier in the day, WTI traded at its highest in six months, selling for a time at $62.14 per barrel.

Other upward pressures on crude oil prices included gains in equities markets and new rebel threats to oil facilities in Nigeria.

Retail gasoline prices added 2 cents overnight to $2.334 per gallon, but it remains over 43 percent lower than its peak, reached last July.