BREAKING: Oil move higher after weekly US inventory data

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

• Oil inventories: +1.166mb vs +0.457 mb expected (API: +6.20 mb)

• Gasoline inventories: -0.874mb vs +0.464 mb (API: -1.77 mb)

• Distillate inventories: +0.179mb vs -0.462 mb (API: -0.34 mb)

• Oil inventories at Cushing, Oklahoma: +0.307 million barrels vs +0.700 million barrels previously

WTI Crude Oil (OIL.WTI) bounced off support at $76.10 and is moving towards 50 SMA (green line). Source:xStation5