US crude inventories unexpectedly rise

Crude inventories in the US rose by 0.594 million barrels in the week ended April 16th, following an 5.899 million decrease in the previous week and compared with analysts’ estimates of a 2.975 million decrease, according to the EIA Petroleum Status Report.

Cushing Crude Oil inventories dropped to -1.318 million barrels, following a 0.346 million barrels increase from last week.

Gasoline inventories rose by about 0.086 million barrels, following a 0.309 million barrels advance in the prior period and below analysts’ expectations of 0.464 million barrels increase.

US distillate inventories increase to -1.074 million barrels from - 2.083 million barrels in the previous week.

WTI Crude Oil (OIL.WTI) price rose after the release of today's EIA report and is testing local resistance at $61.92. Source:xStation5

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Large decline in crude inventories 🛢️📉

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