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May 25, 2022, 10:37 a.m. EDT

Oil prices remain higher after drop in crude, gasoline inventories

Oil futures remained higher Wednesday after the Energy Information Administration said crude and gasoline inventories fell last week. Crude stocks were down 1 million barrels, the agency said, while gasoline stocks fell 500,000 barrels and distillate stocks rose 1.7 million barrels. Analysts surveyed by S&P Global Commodity Insights had expected crude stocks to rise 100,000 barrels, while gasoline inventories were seen down 500,000 barrels and distillate supplies were expected to rise 600,000 barrels. The American Petroleum Institute late Tuesday had said crude stocks rose 567,000 barrels last week, sources said, while gasoline stocks were seen down 4.2 million barrels and distillates down 949,000 barrels. Nymex July oil futures (NYM:CL.1) was up 88 cents, or 0.8%, at $110.65 a barrel.

Link to MarketWatch's Slice.