BREAKING: Oil dips after massive build in US inventories

Official government report on US oil inventories has just been released. While API report released yesterday hinted at a big 7.82 mb build in crude oil inventory, official data showed an even bigger 10.23 million barrel increase. Gasoline inventories also increased more than expected and more than signaled by API report while distillate inventories came in lower.

• Oil inventories: + 10.23 mb vs -3.9 mb expected (API: +7.82 mb)
• Gasoline inventories: +4.49 mb vs +2.6 mb expected (API: +0.88 mb)
• Distillate inventories: +1.36 mb vs +2.3 mb expected (API: +3.39 mb)

WTI (OIL.WTI) dipped following the release and is attempting to break back below $76.00 handle. A near-term support zone to watch can be found in the $75.50 area and is marked with the 23.6% retracement and a 200-hour moving average.

Source: xStation5