BREAKING: US oil inventories fell less-than-expected

The US Department of Energy released the latest oil inventories data. Key takeaways from the report:

• Oil inventories: -1.5 mn (vs expected: -3.5 mn)

• Gasoline inventories: -7.2 mn (vs expected: -4.9 mn)

• Distillate inventories: -3.1 mn (vs expected: -2.7 mn)

Today’s drop in oil inventories is weaker than last week (-7.17 mn). Also, the figue fell short of expectations. Shortly after the release there was a slight downward pressure for WTI prices. However, the price seems to be relatively stable several minutes after the report was announced. 

OIL.WTI rebounded after a rapid drop that happened today (Suez Canal issues and China releasing its strategic reserves). The $70 per barrel mark may be the next obstacle for buyers should the upward move continue. Source: xStation5