Mixed Signals in Oil Market as Inventories Fluctuate and Refinery Activity Rises
Crude oil prices rose slightly after the Energy Information Administration reported a decline of 500,000 barrels in US crude oil inventories for the week to June 9. However, gasoline and middle distillate inventories increased, and oil prices have been under pressure due to concerns about global economic growth. Despite this, news of additional Saudi cuts helped push prices higher.