The weekly crude oil inventory data has caused some selling in the oil markets with the headline rising more than expected and production in the US hitting a new record high.
The breakdown of the report was as follows:
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Crude oil inventories: +2.2M vs +1.5M exp. API: -0.5M
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Gasoline: +1.9M vs -1.3M exp
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Distillates: -2.5M vs -1.0M exp
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US production: 12.8M bpd - new record high
The initial reaction has been negative in Oil, with the market respecting resistance around the 63.30 level once more. Last week’s inventories showed a large build (+7.9M) and caused a sustained sell-off in the market. Source: xStation
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