This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

crude oil

Oil prices surged higher yesterday in response to the latest report reflecting a further drawdown in US crude stores.

Oil prices initially began to move higher on Tuesday in response to the weekly report from the API. The API report showed a large 8.1 million barrel crude inventories drawdown. On Wednesday, prices then shot up higher as the weekly report from the EIA confirmed the data.

Test your strategy on how Oil prices will fare - Open Your Orbex Account Now

Crude Inventories Fall Again

The report from the Energy Information Administration, covering the week ending July 5th, showed that US crude stores had fallen by 9.5 million barrels.

This decrease was well above the 3.1 million barrel decrease the market was looking for. It also marks the fourth consecutive week of drawdown in US crude stores.  

Gasoline & Distillates Down

Elsewhere, the report showed that US gasoline stocks had also fallen by 1.5 million barrels. This was, again, more than the 1.3 million barrel drop foreca...

To keep reading this article, please navigate to: Orbex Forex Trading Blog.