BREAKING: Oil trades little changed after surprise inventory build

The US Department of Energy released a weekly report on the change in US oil inventories at 3:30 pm GMT today. In spite of API report pointing to a bigger-than-expected drop in oil inventories, actual report from DOE showed a major build. Gasolien inventories increased less than expected and less than hinted by API. Drop in distillate inventories was slightly bigger than hinted by API.

• Oil inventories: +2.4 mb vs -0.4 mb expected (API: -0.88 mb)

• Gasoline inventories: +1.3 mb vs +2.4 mb expected (API: +2.4 mb)

• Distillate inventories: -2.8 mb vs -1.3 mb expected (API: -2.2 mb)

In spite of the report being rather negative for oil prices from a fundamental point of view, reaction of the market was small. Brent (OIL) barely moved and continues to trade below the short-term resistance zone at $89.00 per barrel.

Source: xStation5