Read more
2:34 PM · 22 July 2020

Crude inventories rise unexpectedly, oil price drops

-
-
Open account Download free app

The US Department of Energy released the latest data on the change in oil inventories at 3:30 pm BST. Report showed inventory builds in two categories - crude oil and distillates - and confirmed yesterday's estimates from API. Gasoline inventories dropped in-line with estimates Key takeaways from today's DOE report:

  • Oil inventories: +4.89 mb vs -1.95 mb expected

  • Distillate inventories: +1.07 mb vs -0.55 mb expected

  • Gasoline inventories: -1.18 mb vs -1.17 mb expected

Oil, just as stock market indices, is trading at post-pandemic highs. WTI price has been struggling in the $41.00-41.50 area for a few days now and has entered a short-term downward trend. Oil prices dropped in response to DOE report release. However, the scale of the move was quite minor.

OIL.WTI trades in a short-term downward channel. Price moved towards the support zone at $41 in the aftermath of the DOE report release. However, WTI started to recover later on Source: xStation5

9 March 2026, 6:43 PM

Daily Summary: Middle East Sparks Oil Market

9 March 2026, 4:18 PM

Oil Under Pressure as G7 Decision Remains Pending

9 March 2026, 1:53 PM

US Open: Oil too expensive for Wall Street!

9 March 2026, 9:41 AM

OIL: Prices soar to $120 a barrel; Israel bombs Iran's oil facilities 📌

Join over 2 000 000 XTB Group Clients from around the world
The financial instruments we offer, especially CFDs, can be highly risky. Fractional Shares (FS) is an acquired from XTB fiduciary right to fractional parts of stocks and ETFs. FS are not a separate financial instrument. The limited corporate rights are associated with FS.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.
Losses can exceed deposits