US crude, gasoline stocks decline: EIA Russian oil output recovery, US reserve release cap prices Brent to fall to $95/b by year-end: Commerzbank Crude oil futures were higher in mid-morning Asian trade May 26, extending overnight gains amid support from a draw in US crude and gasoline inventories last week.
At 11:07 am Singapore time (0307 GMT), the ICE July Brent futures contract was up 51 cents/b (0.45%) from the previous close at $114.54/b, while the NYMEX July light sweet crude contract rose 61 cents/b (0.55%) to $110.94/b. US gasoline stocks fell by 480,000 barrels in the week ended May 20 to 219.71 million barrels, nearly 8% below the five-year average, according to the Energy Information Administration. US gasoline stocks have never been so tight relative to the five-year average this close to the start of […]