EIA weekly crude oil inventories drawdown of -3.741M vs drawdown of -1.583M estimate

The private oil inventory data released late yesterday showed another drawdown in crude oil stocks. Gasoline, distilates and Cushing all showed drawdowns as well:

The EIA numbers are now out showing:

• Crude oil drawdown of -3.741M vs drawdown of -1.583M estimate
• Distilates drawdown of -2.753M vs build of +0.249M estimate.
• Gasoline drawdown of -5.572M vs drawdown of -0.391M estimate

The drawdowns continue.

Crude oil is trading higher at $77.71. Just prior to the release, the price was at $77.37 up $0.41 or 0.53%.

Technically, the price needs to get above its 200 day moving average at $78.73 increase the bullish bias.

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