Crude flat early Thu after backing off 4-week highs; EIA data in view next - May 30, 2024

  • Crude futures were trading within a few cents of the previous settle early Thursday, awaiting further direction after snapping a three-day winning streak with modest losses in Wednesday’s session amid a bout of risk aversion in the broader financial markets
  • The American Petroleum Institute reported a much bigger-than-expected slump of nearly 6.5 million barrels in US commercial crude stocks for the week ended May 24, but crude was not responding to the data.
  • Israel said on Wednesday it had secured control of the roughly 14.5-km Gaza border with Egypt, a key goal of its Rafah offensive.