Crude futures rally

Crude futures rallied on both sides of the Atlantic May 21 after data showed that U.S. petroleum inventories failed to grow as much as some analysts had expected.The Energy Department, reported that crude oil inventories grew by only 600,000 barrels, even as imports soared. Meanwhile, the American Petroleum Institute trade group painted an even more bullish picture of inventories, reporting a decline in crude stocks. At the New York Mercantile Exchange, front-month July crude futures jumped as high as $29.60 a barrel before settling at $29.03, up 62 cents.

Despite the late-session pullback, analysts and traders said futures stand on positive ground and are likely to top the $30 mark.

“You could easily see prices at $30 a barrel,” said Tony Rosado, a trader at Zone Energy, a New York based brokerage firm. “The markets are bullish. We’re on orange alert, the stats are bullish, and you had a draw in crude.”