Breaking news: Oil remains lower after inventories show weekly rise

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The weekly crude oil inventory release has done little to help the plight of the Oil price with an unexpected build keeping the market near its lowest levels of the day. The components of the release were as follows:

Crude Oil inventories: +2.4M vs -0.6M exp. Prior +1.1M. API: +1.4M

Gasoline: +0.5M vs -0.6M exp

Distillates: -3.0M vs -0.4M exp

Production: +12.5M (+100k on prior)

Oil remains lower by over 1% on the day following the release. The market came within a whisker of closing the gap higher from the Saudi attacks at 60.26 earlier and has been in a steady decline after that spike higher. Source: xStation

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