Oil prices were moving higher early on Thursday as the demand outlook continued to improve on the back of a larger-than-expected inventory draw for the week ending May 10.
Crude oil prices climbed higher earlier today following signs that demand is in a healthy condition and the U.S. economy is not in too bad a shape either. The change in trader sentiment followed the release of the EIA ’s latest weekly petroleum status report that revealed a larger-than-expected draw of 2.5 million barrels for the week to May 10. Fuel inventories also booked declines, although much smaller, which may have helped the more bullish sentiment.
“Consumer spending is slowing as elevated interest rates weigh on rate-sensitive spending and as the labor market cools,” Capital Economics deputy chief U.S. economist Michael Pearce told the AP. 'A more tamed read for U.S. April inflation and a far weaker-than-expected read in U.S.
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