BREAKING: Oil prices slightly higher as inventories drop

A weekly report from the US Department of Energy on oil inventories was released at 3:30 pm GMT. The results were as follows:

Oil inventories: -6.06 mb. Expected: -2.1 mb
Gasoline inventories: -1.19 mb. Expected: +1.8 mb
Distillate inventories: 3.09 mb. Expected: +1.1 mb

Oil prices fluctuated shortly after the release. Today’s report showed that oil inventories declined more than expected, which might be a promising sign for the near future. However, one have to keep in mind that some developed economies impose tighter restriction, for instance United Kingdom.

OIL.WTI fell before the US open, but price jumped as soon as the session started. WTI price fluctuated following DOE’s report release, but traders seem to be gaining an advantage at press time. Both Brent and WTI reached their daily highs at noon GMT. Source: xStation5

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This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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BREAKING: Oil prices slightly higher as inventories drop

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