An oil pump jack at the New Harmony Oil Field in Grayville, Illinois, US, on Sunday, June 19, 2022.
Oil prices fell early on Friday as investors responded to comments from U.S. Fed officials who said it was too soon to start considering rate cuts, and following a surprise build in U.S. gasoline stocks that weighed on the market.
"I think it's too soon to really be thinking about rate cuts."
Meanwhile, U.S. crude oil inventories fell 4.2 million barrels to 454.7 million barrels in the week ending on May 24, the Energy Information Administration said on Thursday, compared with expectations in a Reuters poll for a 1.9 million-barrel draw.
Stocks were up 2 million barrels for the week to 228.8 million barrels, the EIA said, compared with expectations for a 400,000-barrel draw.
Persons:
Lorie Logan, Logan, Stocks
Organizations:
New Harmony Oil, Fed, Brent, U.S, West Texas, Dallas Federal, Energy Information Administration, EIA, of, Petroleum
Locations:
Grayville , Illinois, U.S, El Paso , Texas, OPEC, Saudi Arabia, Russia