US crude pares gains, EIA draw smaller than API's

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Thursday, 08 July 2010 22:40

-U.S. CRUDE PARES GAINS AS EIA DATA SHOWS SMALLER DRAWDOWN THAN  API'S REPORT

U.S. crude oil futures pared gains on Thursday after government data showed a smaller inventory crude drawdown last week than the one reported by an industry group late Tuesday.
On the New York Mercantile Exchange at 11:06 a.m. EDT (1506 GMT), crude for August delivery was up 98 cents, or 1.3 percent, at $75.05 a barrel, after shooting up to a session high of $75.90 before the release of the EIA data.
The federal Energy Information Administration said domestic crude stocks fell 4.96 million barrels last week. The American Petroleum Institute's report showed crude stocks down 7.3 million barrels.
EIA's data, however, were above the average forecast in a Reuters poll for a 2.3 million barrel crude drawdown.REUTERS.(AR)

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