From Evan Kelly: Oil prices faltered midweek on growing concerns of oversupply, but rallied on Wednesday after the EIA reported a surprise drawdown in gasoline inventories.
The latest data indicated that U.S. gasoline demand was not as weak as previously thought, and it was enough to overcome investors’ worries regarding the large increase in crude oil inventories. WTI and Brent are set to close out the week roughly where they started – around $54 and $56 per barrel, respectively.