US Crude Stocks fall for 6th straight week

Crude inventories in the US dropped by 9.362 million barrels in the week ended August 28th, following an 4.689 million decline in the previous week and compared with analysts’ estimates of a 1.887 million fall, according to the EIA Petroleum Status Report.

Cushing Crude Oil inventories rose by 0.110 millionbarrels, following a 0.279 million decline from last week.
Gasoline inventories fell by about 4.32 million barrels, following a 4.584 million decrease in the prior period and above analysts’ expectations of 3.036 million barrels decline.

WTI Crude Oil (OIL.WTI) bounced off the $42.28 support level after the release of today's EIA report and is currently testing the $42.71 resistance level. Source: xStation5

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