Official report on a weekly change in US oil inventories was released at 2:30 pm GMT. Official report diverged from yesterday's API release by quite a lot and can be generally seen as bearish for prices.
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Oil inventories: -3.115 mb vs +0.3 mb expected (API: -6.53 mb)
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Gasoline inventories: -1.26 mb vs -1.2 mb expected (API: -2.64 mb)
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Distillate inventories: +0.43 mb vs -0.7 mb expected (API: +0.86 mb)
Oil prices moved lower following the release as the DOE report pointed to a smaller crude inventory draw than signaled by API. However, reaction was minor and was quickly reversed with crude now trading higher than prior to the release.
Brent (OIL) moved slightly lower following the DOE report release but the move was quickly erased. Price is now bouncing off the $94.40 support zone and eyeing a test of the $95 swing area. Source: xStation5
🛢️Further escalation and tense situation do not drive oil further
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