Crude oil futures are trading steady above $94 a barrel helped by the weak US dollar and also got a lift from larger-than-expected drop in U.S. crude supplies.
The U.S. Energy Information Administration on Wednesday reported that U.S. crude-oil supplies fell 6.3 million barrels for the week ended May 31, to 391.3 million barrels. Late Tuesday after the Nymex trading session ended, the American Petroleum Institute a reported 7.8 million-barrel drop in crude supplies.
Oil traders have been concerned about high U.S. inventory. Last week’s EIA report showed total U.S. crude supplies at 397.6 million barrels, which brought the inventory to the highest level since at least 1978, the year when the agency said it began collecting the data.
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