The U.S. Energy Information Administration (EIA) revealed on Wednesday that crude inventories fell by 4.983 million barrels in the week ended May 15. Economists had forecast a build of 1.151 million barrels.

At the same time, gasoline stocks rose by 2.830 million barrels, while analysts had expected a drop of 2.134 million barrels. Distillate stocks climbed by 3.832 million barrels, while analysts had forecast an increase of 1.429 million barrels.

Meanwhile, oil production in the U.S. decreased by 100,000 barrels a day to 11.500 million barrels a day.

U.S. crude oil imports averaged 5.2 million barrels per day last week, down by 194,000 barrels per day from the previous week.

Gold: A new record high is expected – Credit Suisse

FXStreet notes that gold has completed a small bull triangle for a resumption of its core uptrend, although poor momentum and consensus positioning lends a note of caution. Big picture though, analysts at Credit Suisse maintain a long-held view from June last year for an eventual move to a new record high above $1921. 

“Gold has completed a small bullish ‘triangle’ continuation pattern above the $1747 high and although we have concerns with respect to momentum and consensus positioning, we look for the bull trend to resume for a test of $1796/1803 next. We look for this to then cap for a fresh consolidation phase.”

“Big picture, we continue to eventually look for new highs above $1921, with resistance then seen next at $2000, then $2075/80.”

“Support at $1660 needs to hold to keep the immediate risk higher.”