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Breaking news: Oil jumps above $60 on surprise inventory draw

3:38 PM 23 October 2019

The weekly crude oil inventories have shown an unexpected drawdown and sending oil market to their highest level of the day. The full report was as follows:

 

  • Headline: -1.7M vs +2.2M exp. API: +4.5M

  • Gasoline: -3.1M vs -2.3M exp. API: -0.7M  

  • Distillates: -2.7M vs -2.7M exp. API: -3.5M

  • Cushing: +1.5M vs API: +2.0M

  • Production unchanged at 12.6 mpbd

Oil has jumped higher since the release with the market breaching the $60/barrel mark. Prior resistance around 60.25 is holding firm for now. Oil.WTI has also gained and moved above a big figure, with the daily high which was made in recent trade coming in at 55.15 at the time of writing. Source: xStation 

 

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