Official report on the US oil inventories was released at 3:30 pm GMT. Headline crude inventory data turned out to be higher-than-expected but lower than signaled by API yesterday. Similar situation took place with gasoline inventories data. Distillates managed to beat both - market expectations and yesterday's API estimates.
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Oil inventories: +4.14 mb vs -1.0 mb expected (API: +6.33 mb)
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Gasoline inventories: +2.58 vs -1.0 mb expected (API: +2.73 mb)
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Distillate inventories: +2.32 mb vs -1.8 mb expected (API: +1.53 mb)
Oil traded little changed following release of the day. Brent and WTI dipped slightly in a knee-jerk move but has recovered all of the losses shortly afterwards. Range of the moves following the release did not exceed $0.40 cents per barrel.
Brent (OIL) trades little changed after DOE report on US oil inventories. Price continues to test short-term support zone in the $84.40-84.70 area, marked with 38.2% retracement of a recent upward impulse. Source: xStation5
