Oil Rises After API Reports First Inventory Draw In 16 Weeks
For the first time since the first week of January, API reports a 1.5 million barrel inventory draw (against last week's 4.2mm build). This also comes with a 336k draw from Cushing following on from last week's 162k draw. Oil prices have responded by pushing higher, though it appears most of this was priced in.
If DOE confirms this draw, then this will be the first draw since the first week of Jan...
Which appears to have been largely priced in today...
Charts: Bloomberg
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