Higher-than-expected Decline in Crude Inventory Boost Oil Prices Further

Bigger-than-expected decline in US oil inventory lifted sentiment, sending energy prices and equities higher. The front-month WTI crude contract extended strength to a new 2016-high of 49.75 before ending the day at 49.56, up +1.93% while the Brent contract rose to as high as 49.96 before setline at 49.74, up +2.33%. Fuel prices were mixed with heating oil gaining +1.61% while gasoline slipping -0.77%. in the stock market, European shares rose solidly with the Stoxx600 index gaining for a second day as led by energy and financials.

from Oil N' Gold Focus http://www.oilngold.com/ong-focus/insights/higher-than-expected-decline-in-crude-inventory-boost-oil-prices-further-2016052632979/