Oil surges after the inventory data

Oil prices clearly rise after this week’s DOE report on inventories. Oil inventories declined by 2.6mb, less than the last week but more than anticipated (-0.5mb). What is more, yesterday’s API report suggested a minor build of inventories. If that was not enough inventories of both gasoline (-1.6mb) and distillates (-0.8mb) declined as well while the consensus saw inventory builds. OIL (Brent) climbed from 76.60 to 77 in the immediate reaction and is some 0.7% higher on the day, extending the rally from the past few days.