NEW YORK, May 26: US oil futures were up at midday on Thursday as a rally spurred by a surprise drop in domestic crude stocks went into its second day.
At 1600 GMT, crude for July delivery was up 42 cents at $51.40 a barrel on the New York Mercantile Exchange. Resistance is now at $52 with support staying at $48, technical analysts said. In London, Brent crude was 50 cents firmer at $50.57 a barrel on the International Petroleum Exchange.
US crude stocks fell by 1.6 million barrels to 332.4 million barrels in the week to May 20 due to higher refinery activity, only the second draw in 15 weeks, and supplies remain near six-year highs, according to the Energy Information Administration. Gasoline stocks rose 600,000 barrels to 215.4 million barrels, while distillate stocks were up 1.9 million barrels at 105.7 million barrels.—Reuters
