- Crude oil stocks unexpectedly fell last week by 4.756 million barrels.
- Crude Oil Price Rises After Inventory Data, WTI Makes New Daily Highs Above $89.00.
US commercial crude oil inventories fell by 4.756 million barrels in the week ending February 5, a weekly report released by the US Energy Information Administration (EIA) revealed on Wednesday. The market consensus pointed to an increase in crude oil stocks.
Distillate stocks experienced a smaller-than-expected decline of 929,000 barrels (forecasts were for a build of 1.7 million barrels). Gasoline stocks also unexpectedly fell by 1.644 million against the market consensus of a rise of 1.623 million.
market reaction
WTI rose after the report hit fresh daily highs above $89.00.
Source: Fx Street
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