US Crude Stocks fall less than expected

Crude inventories in the US dropped by 0.679 million barrels in the week ended November 27th, following an 0.754 million decrease in the previous week and compared with analysts’ estimates of a 2.358 million drop, according to the EIA Petroleum Status Report.

Cushing Crude Oil inventories increased to -0.317 million barrels, from -1.721 million barrels decline from last week.

Gasoline inventories rose by 3.491 million barrels, following a 2.180 million increase in the prior period and above analysts’ expectations of 2.386 million barrels rise.

WTI Crude Oil (OIL.WTI) - price broke above the 50SMA (green line) after the release of today's EIA report and is heading towards $45.74 resistance level. Source: xStation5

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OIL: EIA points to a deeper supply shock than expected 🔎

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