BREAKING: Oil drops after DOE inventories data

Publication of a report from the US Department of Energy caused some moves on the oil market. Crude inventories jumped sharply, while gasoline stockpiles increased more than expected. There was a surprise in distillate inventories data as it showed a big declie, contrary to market expectations and yesterday's API release

• Oil inventories: +16.28 mb vs +1.166 mb expected (API: +10.51 mb)

• Gasoline inventories: +2.316 mb vs +1.543 mb (API: +0.85 mb)

• Distillate inventories: -1.285 mb vs +0.447 mb (API: +1.73 mb)

• Oil inventories at Cushing, Oklahoma: +0.659 million barrels vs +1.043 million barrels previously

WTI Crude Oil (OIL.WTI) price retreated to support at $77.78 Source:xStation5