20.06.201814:41:00UTC+00Crude Oil Rallies After Inventories Report

Crude oil futures rebounded Wednesday as traders weighed the latest U.S. inventories report.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.9 million barrels from the previous week, according to the EIA. The drop was larger than analysts expected.

August WTI oil was up 81 cents, or nearly 1.3%, to settle at $65.71/bbl.

July WTI oil gained $1.15, or 1.8%, to end at $66.22/bbl on expiration day.

The outcome of the OPEC meeting in Vienna will drive trading for the rest of the week.

Saudi Arabia is pushing to raise production but Iran will likely resist these measures.

The National Association of Realtors released a report showing an unexpected decrease in existing home sales in the month of May.

NAR said existing home sales fell by 0.4 percent to an annual rate of 5.43 million in May after plunging by 2.7 percent to a downwardly revised 5.45 million in April.