Oil moves higher after DOE inventories data

Publication of a report from the US Department of Energy but failed to trigger major moves on the oil market. Crude inventories fell more than expected while gasoline stockpiles increased above analysts' estimates. There was a surprise in distillate inventories data as it showed a draw, contrary to market expectations and yesterday's API release

• Oil inventories: - 5.89 mb vs -1.657 mb expected (API: -3.07 mb)

• Gasoline inventories: +2.530 mb vs +2.14 mb (API: +4.51 mb)

• Distillate inventories: -0.242 mb vs +0.336 mb (API: +0.83 mb)

• Oil inventories at Cushing, Oklahoma: +0.853 million barrels vs +0.426 million barrels previously

The publication of today's report did not have a significant impact on the oil prices. WTI Oil (OIL.WTI) continues to trade above the local support at $77.80. Source: xStation5