Crude inventories in the US rose by 2.108 million barrels in the week ended July 16th, following an 7.897 million decrease in the previous week and compared with analysts’ estimates of a 4.466 million decline, according to the EIA Petroleum Status Report.
Cushing Crude Oil inventories dropped by 1.347 million barrels, following a 1.589 million barrels decrease from last week.
Gasoline inventories fell by 0.121 million barrels, following a 1.039 million barrels decline in the prior period and above analysts’ expectations of 1.043 million barrels drop.
US distillate inventories increased 1.349 million barrels after increasing 3.657 million barrels in the previous week.
WTI Crude Oil (OIL.WTI) price broke above the 50 SMA (green line), after the release of today's EIA report and is heading towards next support resistance level at $70.15. Source:xStation5