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Oil sells at $67 per barrel

Crude oil, cash cow for Nigeria, yesterday sold at $67.27 a barrel. Two of the crude grades Brent and WTI recorded $8.59 per barrel price differentials before the end of transactions at the global market. While WTI was trading at $58.68 per barrel, Brent crude sold at $67.27 a barrel.

Amid the ongoing fears of an escalating trade war between China and the United States, the Energy Information Administration countered the price decline potential of the China factor by reporting a crude oil inventory draw of 0.3 million barrels for the week to May 24.

This follows a build of 4.7 million barrels in the previous week, with the Wall Street Journal reporting earlier this week U.S. crude oil inventories right now are rising at the fastest pace since 2016 and pressuring prices.

In gasoline stockpiles, the authority reported a 2.2 million-barrel increase in inventories and an average daily production rate of 9.9 million bpd.

This compared with an inventory build of 3.7 million barrels for the prior week, with a production rate of 9.9 million bpd.

In distillate fuel, the EIA reported an inventory draw of 1.6 million barrels, with production averaging 5.2 million bpd. Distillate fuel production a week earlier stood at 5.2 million bpd, with inventories adding 800,000 barrels.