The price of oil rebounds on the biggest draw of oil inventories than market expected. The drop was almost 5,5 million barrels while 1,5 decrease was expected. Distillates inventories decreased also, despite expectations indicated a little increase. On the other hand gasoline inventories rose almost by 2 million barrels. Market expected 1,6 million barrels increase due to rebound of refinery utilization.
The price of oil rebounded after the DOE report showed biggest than expected inventory draw. Still, the price of oil is set for the biggest monthly gain in almost a year. Source: xStation5
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