A weekly report from the US Department of Energy on oil inventories was released at 3:30 pm GMT. The results were as follows:
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Oil inventories: -6.06 mb. Expected: -2.1 mb
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Gasoline inventories: -1.19 mb. Expected: +1.8 mb
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Distillate inventories: 3.09 mb. Expected: +1.1 mb
Oil prices fluctuated shortly after the release. Today’s report showed that oil inventories declined more than expected, which might be a promising sign for the near future. However, one have to keep in mind that some developed economies impose tighter restriction, for instance United Kingdom.
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OIL.WTI fell before the US open, but price jumped as soon as the session started. WTI price fluctuated following DOE’s report release, but traders seem to be gaining an advantage at press time. Both Brent and WTI reached their daily highs at noon GMT. Source: xStation5
