US Crude oil prices failed to hold on to early gains in Europe on Wednesday but the market’s recent range held firm.
Energy markets had found support into the open thanks to data released in the previous session showing a surprisingly strong drawdown in us crude stockpiles. The American Petroleum Institute said that inventories fell by 3.01 million barrels in the week ending May 10. This was more than double market expectations and a big turnaround from the half-million-barrel stock build seen in the previous week.
