Crude inventories in the US fell by 0.745 million barrels in the week ended May 8th, 2020, following a 4.59 million increase last week and compared with analysts forecasts of a 4.147 million advance, according to the EIA Petroleum Status Report. This is the first decline in since the mid January. Meanwhile, gasoline inventories fell for the third straight week, down by 3.513 million, while markets had forecast a smaller 2.216 million decline.
WTI Crude Oil (OIL.WTI) price rose slightly after the release of today's report and is heading towards $27.79 resistance level. Source: xStation5
