COMMODITIES: Oil Finishes at Five-Week High After EIA Reports Lower-Than-Forecast Climb in Inventories

By Staff,

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June oil finished up 1.1% at $96.62 a barrel, a five-week high, after The U.S. Energy Information Administration's ( EIA ) crude supplies data showed a smaller climb in inventories than yesterday's report by the American Petroleum Institute ( API ).

According to the EIA, s crude supplies rose 200,000 barrels for the week ended Friday. Analysts polled by Platts expected a 1.9 million-barrel climb. Yesterday, the API reported a 680,000-barrel increase.

Despite the lower-than-forecast rise, crude inventories are sitting at 395.5 million barrels, their highest level in over 30 years, according to government data.

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This article appears in: Investing Commodities
Referenced Stocks: API , EIA

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