US Crude Inventories unexpectedly fall

Crude inventories in the US dropped by 0.994 million barrels in the week ended January 29th, following an 9.91 million decrease in the previous week and compared with analysts’ estimates of a 0.446 million advance, according to the EIA Petroleum Status Report.

Cushing Crude Oil inventories increased to -1.517 million barrels, following a -2.281 million barrels decrease from last week.

Gasoline inventories increased to 4.466 million barrels, following a 2.470 million increase in the prior period and above analysts’ expectations of 1.134 million barrels advance.

WTI Crude Oil (OIL.WTI) price fell slightly after the release of today's EIA report and is heading towards next support at $55.25. Source:xStation5

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