EIA weekly US crude oil inventories +3454K vs -1078K expected

• Prior was -2032K
• Gasoline -1022K vs -561K expected
• Distillates -3155K vs +129K expected
• Refinery utilization +1.2% vs +0.8% expected

Private data released late yesterday:

• Crude +4287K
• Gasoline -1374K
• Distillates -3675K

WTI crude oil was down 13-cents to $63.58 ahead of the data. It recovered from earlier lows after data showed Kazakhstan reduced output in April.

This update is a drag for oil prices but there is strong product demand, evidently.

This article was written by Adam Button at www.forexlive.com.