Crude Oil Surges on Bullish Supply Data
The short respite in the rally in Crude Oil well and truly ended today after data released in th North American trading session showed that oil supplies in the U.S. increased less than feared last week.
U.S. Crude Oil Inventories
In a report released by the Energy Information Administration, official data showed on Wednesday that U.S. crude oil inventories increased at a more-than-expected rate last month. U.S. Crude Oil Inventories increased to a seasonally adjusted annual rate of 3.880M, down from the 10.374M recorded in the preceding month. This came after analysts had been expecting U.S. Crude Oil Inventories to increase 3.867M for last month.
U.S. Gasoline Inventories
Meanwhile, kn a separate report issued by US Energy Information Administration, official data showed on Wednesday that U.S. gasoline inventories dropped more-than-expected in the last quarter. U.S. Gasoline Inventories declined to a seasonally adjusted annual figure of -4.526M, down from the -1.468M recorded in the preceding quarter. This came after analysts had been expecting U.S. Gasoline Inventories to decline -1.390M for the last quarter.
The positive and unexpected data sent Crude Oil prices soaring over 4% before pulling back a little. At time of writing, crude oil is trading up 3.86% at $37.91 a barrel.
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