Official report on a weekly change in US oil inventories was released at 2:30 pm GMT. Official report diverged from yesterday's API release by quite a lot and can be generally seen as bearish for prices.
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Oil inventories: -3.115 mb vs +0.3 mb expected (API: -6.53 mb)
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Gasoline inventories: -1.26 mb vs -1.2 mb expected (API: -2.64 mb)
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Distillate inventories: +0.43 mb vs -0.7 mb expected (API: +0.86 mb)
Oil prices moved lower following the release as the DOE report pointed to a smaller crude inventory draw than signaled by API. However, reaction was minor and was quickly reversed with crude now trading higher than prior to the release.
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Brent (OIL) moved slightly lower following the DOE report release but the move was quickly erased. Price is now bouncing off the $94.40 support zone and eyeing a test of the $95 swing area. Source: xStation5
