U.S. Crude Futures Edge Higher on Larger-than-expected Decline in U.S. Inventories

U.S. crude futures prices jumped more than 1 percent on Thursday after a weekly report showed domestic crude supplies fell more than expected last week.

U.S. West Texas Intermediate crude for July delivery jumped 1.24 percent to trade at 48.85 per barrel on the New York Mercantile Exchange.

Data from the U.S. Energy Information Administration released Thursday pointed to a decline of 6.4 million barrels in U.S. inventories in the week ended May 26. This was not only an eighth weekly drop in a row but also well above economists’ expectation calling for a drop of 2.7 million barrels.

According to the EIA’s report, gasoline stockpiles fell by 2.9 million barrels while distillate stockpiles added 400,000 barrels last week.

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