The Energy Information Administration in the US delivered its weekly Crude Oil Inventories report on Wednesday, which exhibited a much bigger increase in the strategic commercial reserve than initially expected.
Market analysts anticipated a minor contraction in reserve by 400 000 barrels compared to the week before. However, instead of 2.0 million barrels, the crude oil inventories increased by 3.1million barrels, which is a massive weekly disparity between the actual data and the initial forecasts.
“U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.1 million barrels from the previous week. At 422.6 million barrels, U.S. crude oil inventories are at the five year average for this time of year.” [source]
Consequently, the crude fell by 2.80 per cent during Wednesday’s trading session and the current price of 52.72 dollars per barrel is nearing the crucial support level of 57.10
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