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The EIA reported a 2.5-million-barrel draw in US crude inventories, with total crude stocks at 509.1 million barrels and refinery utilization at 94%. The API had earlier reported a 2.72-million-barrel crude draw.
WTI traded near $43.62 after hitting its lowest settlement since August.
Inventory draws offer modest support, but record global floating storage and rising output keep the bearish trend intact. Lower crude prices weigh on biofuel economics and freight-related costs for feed buyers.
oilprice.comIrina SlavJul 1, 2017After 56 past neutral report events, Crude Oil (WTI) moved a median +0.0% over 5 sessions (50% higher; middle half -2.7% to +2.5%), and +0.8% over 20.
After 41 past neutral report events, Crude Oil (Brent) moved a median -1.4% over 5 sessions (41% higher; middle half -4.0% to +1.9%), and +1.8% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
