Oil ends with strong gains as traders focus on fall in gasoline inventories, Cushing stocks

Oil futures reversed early losses to end strongly higher Thursday, with traders looking past a sharp rise in overall crude inventories to focus on a further decline in stocks at the futures delivery hub in Cushing, Oklahoma, and a drop in gasoline inventories. West Texas Intermediate crude for July deliveryCL.1,-1.54%on the New York Mercantile Exchange rose 90 cents, or 2.7%, to finish at $33.71 a barrel. The Energy Information Administration reported a rise in crude inventories of 7.9 million barrels last week, but supplies at Cushing dropped by 3.4 million barrel. Gasoline inventories, meanwhile, declined by 700,000 barrels.

Source: https://tinyurl.com/ycdnotk7

This article was originally published on MarketWatch.com

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