WTI Holds Gains Despite Biggest SPR Drawdown In 45 Year History, Production Jumped

WTI Holds Gains Despite Biggest SPR Drawdown In 45 Year History, Production Jumped Oil prices are higher this morning (extending its 8%-plus surge of the last three days) as Middle East tensions simmer and global stockpiles shrink at a record pace. WTI topped $103 and Brent crude traded near $108 a barrel, erasing its retreat earlier on Wednesday, after the IEA said global observed oil inventories declined at a rate of about 4 million barrels a day in March and April. Saudi Arabia...