Weekly US crude oil inventories -6.873M vs -0.993M estimate

• Crude drawdown of -6.873 million vs expected drawdown -0.993M barrels
• Distillates drawdown of -0.371 million vs. expected build of 0.481M barrels
• Gasoline build of +0.848 million vs expected drawdown of -0.730M barrels
• Cushing drawdown of -1.142M vs last week drawdown of -0.668M

The private data released late yesterday showed a large drawdown in Crude stocks which seems to be managing the private API numbers released yesterday:

Crude oil is trading at $70.30 which is up $1.10 on the day. The high price extended to $70.78 (during the last hour trading). The low price was at $69.17

This article was written by Greg Michalowski at www.forexlive.com.