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Oil recovers after surprise drawdown in US stockpiles

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Oil prices edge up on Thursday as traders digest the US Crude Inventory release, which was taken as bullish for near-term prices. Overall, the release showed a chunky draw of 6.

Oil briefly spikes after US weekly EIA data showed a big decline in stockpiles. WTI Oil snaps $83, but faces resistance to break back above it again. The US Dollar Index retreats further, forming a bearish pattern. 368 million barrels, which puts the US inventory at its lowest level since January 19 by 453.6 million barrels. This might trigger some buying from the US Energy Department in order to build up stockpiles again ahead of the next heating season.

Some more details on the Crude stockpile number from the Energy Information Administration : US Gulf Coast refineries are processing the most crude since 2019 ahead of the summer driving season. The 6.368 million barrel drawdown in US crude inventories was unexpected – consensus was for a 1.6 million barrel buildup – as refineries ramp up Oil processing following maintenance and exports pick up. US Exports ticked above 5 million barrels a day amid robust outflow to Europe.

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