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12 May 16 07:57
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    EU Open - Oil prices rally after US inventory data; USD catches a bid, while JPY and AUD decline
    Oil prices jumped yesterday after data from the US government showed that US crude oil inventories declined sharply, which surprised the market. WTI jumped from $44 to a high of $45.50 and later extended gains to $46.30. In Asia, it traded within a $45.75-46.22 range.
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    Video: Market Mornings -12 May
    Crude oil roared higher on a big inventory draw last night. But stocks and the US dollar came under pressure on worries about the retail sector and what that says about the strength of the US economy.