Oil prices higher on surprise fall in crude inventories

Crude-oil prices continued to rise in Asian trade Thursday, driven by an unexpected decline in U.S. crude inventories.

The decline doesn’t necessarily indicate that the global market is rebalancing, Evans said, adding that would be true only if a lack of available barrels was the cause.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in May CLK6, +1.06%  traded at $38.15 a barrel, up $0.40, or 1.1%. June Brent crude LCOM6, +0.88%  on London’s ICE Futures exchange rose $0.30, or 0.9%, to $40.14 a barrel.

The inventory drawdown was due to a decline in imports and an increase in refinery activity, EIA said. Refineries ran at 91.4% of capacity last week, up from 90.4% in the prior week.

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