A weekly report from the US Department of Energy on oil inventories was released at 4:00 pm BST. Following a series of sharp declines presented by June’s readings, today’s report showed that oil inventories once again fell more than expected, implying strong demand in the global economy. Gasoline inventories tumbled at higher pace than analysts and economists predicted, but distillate inventories showed an unexpected build-up.
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Oil inventories: - 6.87 mn. Expected: -3.8 mn brk
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Gasoline inventories: - 6.08 mn. Expected: -2.2 mn brk
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Distillate inventories: 1.62 mn. Expected: 0.3 mn brk
OIL.WTI prices halted declines near the key zone at $71.50 today. WTI jumped shortly after the DOE’s release and climbed above the $72 a barrel level.
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