US Crude inventories drop for 5th straight week

Crude inventories in the US dropped by 3.25 million barrels in the week ended January 8th, following an 8.01 million decrease in the previous week and compared with analysts’ estimates of a 2.7 million drop, according to the EIA Petroleum Status Report.

Cushing Crude Oil inventories dropped by 1.975 million barrels, following a 0.792 million barrels increase from last week.

Gasoline inventories rose by 4.395 million barrels, following a 4.519 million increase in the prior period and above analysts’ expectations of 2.695 million barrels advance.

The publication of today's report did not have a significant impact on the oil prices. WTI Oil (OIL.WTI) continues to trade around the $53,00 level. Source: xStation5

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