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"Oil markets were buoyed by a larger-than-expected draw in the
U.S. inventory data. The improved China's trade balance data
added to the upside momentum," said Tina Teng, an independent
market analyst, adding that crude prices may continue to track
economic factors looking ahead.
Crude inventories in the U.S., the world's biggest oil user,
fell last week by 1.4 million barrels to 459.5 million,
according to the Energy Information Administration, more than
analysts' expectations for a 1.1 million-barrel draw. Stockpiles
fell as refinery activity increased by 307,000 barrels per day
(bpd) in the period. [EIA/S] [API/S]
This caused gasoline stocks to swell by more than 900,000
barrels to 228 million, while distillate stockpiles including
diesel and heating oil rose by 600,000 barrels to 116.4 million.
"The market shrugged off the builds in gasoline and distillate
fuels as refiners ramp up for the upcoming driving season,"
analysts at ANZ Research wrote in a note on Thursday.
Shipments of crude in April to China, the world's biggest oil
importer, totaled 44.72 million metric tons, or about 10.88
million bpd, customs data released on Thursday showed. That was
up 5.45% from a year earlier.
Hopes for a ceasefire in the Israel-Hamas conflict Gaza kept oil
prices from moving higher. The U.S. said this week that
negotiations should be able to close the gaps between Israel and
Hamas.
"While there may be some short-term relief for oil prices, it
may be difficult to return to April's high above the $90 per
barrel level, where geopolitical tensions were at its peak,"
said Yeap Jun Rong, market strategist at IG.
(Reporting by Paul Carsten in London, Laila Kearney in New York
and Emily Chow in Singapore; editing by Christian Schmollinger
and Jason Neely)
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