EIA crude oil stocks fall 0.24 million barrels versus expected extraction of 1,705 million barrels

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  • Crude oil stocks posted a smaller-than-expected drop of just 0.24 million barrels.
  • As a result, oil prices fell and the WTI sank below $ 72.00.

Commercial Inventories of Crude Oil in the US fell by 0.24 million barrels in the week ending December 3, revealed a weekly report released by the US Energy Information Administration (EIA) on Wednesday. This was less than the expected draw of 1,705 million barrels.

Distillate stocks posted a larger-than-expected increase of 2.7 million barrels (forecasts were for an increase of 1.6 million barrels). Gasoline inventories also posted a larger-than-expected build-up of 3.9 million barrels (forecasts were for a build-up of 1.8 million barrels).

Market reaction

Oil prices fell lower in response to lower-than-expected headlines and the large build-up of gasoline and distillate inventories. WTI retraced below $ 72.00.

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