Shares of energy producers rebounded and Exxon Mobil was one of the strongest stocks on the Dow Jones Industrial Average after inventory data in the U.S. showed the fifth straight week of drawdowns. Oil futures rose by more than 3% after the Energy Information Administration reported that inventories fell 5.2 million barrels last week -- the largest weekly decline this year and far exceeding forecasts from energy analysts. While drawdowns in weeks past were often shallower than predicted, the data Wednesday suggested fears about drillers on U.S. shale oilfields rapidly replenishing a global glut were overdone. Gasoline stockpiles also fell slightly, driving up the price of gasoline futures and other distillates.
Rob Curran, email@example.com
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(END) Dow Jones Newswires
May 10, 2017 16:22 ET (20:22 GMT)