Crude oil benchmarks extended gains on Thursday amidst indications of draining crude oil inventory in the U.S.
Official data from the Energy Information Agency released on Wednesday had shown a crude oil inventory depletion of 0.45 million barrels in the week ended June 2. Markets were expecting a 1-million-barrel build in inventories versus a 4.5-million-barrel accumulation in the previous week. Gasoline stocks however increased 2.7 million barrels, much higher than the 0.88 million barrels that the markets were expecting. Gasoline inventories had reduced by 0.21 million barrels in the previous week.
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Market Analysis
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.