Oil surges after the inventory data

14:40 29 August 2018
Oil prices clearly rise after this week’s DOE report on inventories. Oil inventories declined by 2.6mb, less than the last week but more than anticipated (-0.5mb). What is more, yesterday’s API report suggested a minor build of inventories. If that was not enough inventories of both gasoline (-1.6mb) and distillates (-0.8mb) declined as well while the consensus saw inventory builds. OIL (Brent) climbed from 76.60 to 77 in the immediate reaction and is some 0.7% higher on the day, extending the rally from the past few days.

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