Crude inventories in the US dropped by 7.493 million barrels in the week ended July 10th 2020, following an 5.654 million increase in the previous week and compared with analysts’ estimates of a 2.098 million fall, according to the EIA Petroleum Status Report.
Cushing Crude Oil inventories rose by 0.949 million barrels, following a 2.206 million increase from last week.
Gasoline inventories fell by about 3.147 barrels, following a 4.839 million decline in the prior period and above analysts’ expectations of about 0,643 million barrels decline.
WTI Crude Oil (OIL.WTI) price rose after the release of today's EIA report and is heading towards $41.00 resistance level. Source: xStation5