Shares of energy companies rose and oil futures held near their highest levels since 2018 after a reported drawdown in fuel supplies.
The Energy Information Administration estimated U.S. crude inventories fell by 5.1 million barrels for the week ended May 28. The report suggested an anticipated summer boom in fuel sales may be materializing. The return of U.S. cruise ships to the high seas is among the factors likely to stoke demand further, analysts said. Supplies are set to be constrained by a lack of diplomatic overtures between Iran and the U.S.
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(END) Dow Jones Newswires