BREAKING: Oil drops slightly after weekly US inventory data

Publication of report from the US Department of Energy caused some moves on the oil market. Crude fell unexpectedly, while gasoline stockpiles dropped less than expected. There was a surprise in distillate inventories data as it showed a build, contrary to market expectations and yesterday's API release

• Oil inventories: - 1.725mb vs +1.38 mb expected (API: -1.26 mb)

• Gasoline inventories: -0.114mb vs -1.114 mb (API: -2.17 mb)

• Distillate inventories: +0.124 mb vs -2.2 mb (API: -1.1 mb)

• Oil inventories at Cushing, Oklahoma: +0.583 million barrels vs -0.309 million barrels previously

Oil may become more active in the evening if Biden administration provides more details regarding SPR releases.

WTI Crude Oil (OIL.WTI) price puled back slightly after the release of today's EIA report. Source:xStation5