He crude oil erased this week’s gains after US inventories unexpectedly rose, ANZ analysts Brian Martin and Daniel Hynes note.
Oil prices fall due to a rise in US oil inventories
“The Energy Information Administration’s weekly inventory report showed that crude oil reserves were crude oil rose 1.36mbbl last week, breaking a six-week streak of declines.”
“This was contrary to the API estimate of a 5.2mbbl decline. Still, gasoline and distillate inventories fell 2,894kbbl and 1,673kbbl respectively.”
“Drawdowns in gasoline stockpiles helped push implied demand above 9mb/d. Traders are on alert as geopolitical tensions remain high.”
Source: Fx Street
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