Crude Oil Advances ahead of the Energy Department Inventory Report

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Crude Oil Advances ahead of the Energy Department Inventory Report

Published on Wednesday, 02 June 2010 23:06 Written by Gerard Lerod

oxy Singapore, June 3^rd (TradersHuddle.com) – Crude oil moved higher in electronic trading after a report from the American Petroleum Institute showed U.S. gasoline inventories declined.

Crude oil moved higher yesterday, after pending home sales were higher than expected signaling economic growth and prospects for higher fuel demand.

Crude oil advanced close to the $74 a barrel level in electronic trading as the commodity moved up 1.4%. U.S. gasoline inventories declined 962,000 barrels last week.

The Energy Department is scheduled to release its weekly report today, a day later than usual because of the Memorial Day holiday.

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