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Oil Inventories Drop as Summer Driving Season Kicks Into Gear

TheStreet.com Videos 1:41 mins

West Texas Intermediate crude oil prices show little change after the Energy Information Agency reported that crude inventories dropped by 3.4 million barrels for the week ending May 30. BRG Brokerage president Jeff Grossman tells TheStreet's Joe Deaux that he wasn't surprised by the lack of action, and says that he now expects oil to trade no higher than $105 a barrel, and no lower than $100. The only surprise surge in oil prices, Grossman says, is if the summer driving season runs heavier than analysts anticipate. Gasoline inventories increased by 200,000, while distillates climbed by 2 million barrels.

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