Oil Prices Surge on Massive Inventory Draw and Tightening Market Signals.

Crude oil prices rose after the US Energy Information Administration reported a 12.5 million barrel drop in inventories in the week to 19 May. The American Petroleum Institute had estimated a 6.7 million barrel increase in crude oil inventories, which surprised traders and prompted increased oil buying that boosted prices. At 455.2 million barrels, US crude oil inventories are 3% below the five-year seasonal average.