A weekly report from the US Department of Energy on oil inventories was released at 3:30 pm GMT.
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Oil inventories: -3.13 mb. Expected: -3.5 mb
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Gasoline inventories. +1.02 mb. Expected: +1.82 mb
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Distillate inventories. +0.17 mb. Expected: +1.21 mb
DOE report showed a massive build in oil inventories last week (+15.19 mb) and today's report comes as a slight relief. However, increasing gasoline inventories can be seen as a warning sign. Returning coronavirus restrictions in different parts of the United States lead to lower fuel consumption and this is reflected in increasing inventories. On a positive note, an increase in gasoline inventories was smaller than expected.
Oil jumped on the headline reading as it did not confirm yesterday's API report (+1.97 mb). However, both Brent and WTI still trade below daily highs reached at the start of the European session.
OIL.WTI jumped on the release of DOE inventories report. However, commodity is still trading below daily high at around $48 following a steady downward move throughout the European session. Source: xStation5
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