Commercial crude oil inventories decreased by 3.1 million barrels from previous week

United States EIA Crude Oil Stocks Change came in at -3.116M below forecasts of -2.694M in July 12.

The U.S. Energy Information Administration showed that commercial crude oil inventories in the US decreased by 3.12 million barrels in the week ending July 12 to 455.88 million. Market consensus was for a decline of 2.7 million.

The gasoline stocks increased by 3.57 million barrels to 232.75 million above expectation of a 0.9 decline and distillate stocks rose 5.69 million barrels to 136.2 million.

The crude oil price gives up 30 cents on the news and trades down 0.49 percent at $57.18 per barrel. Crude oil looks like gets a rejection at the 50 day moving average and will look for support at 56.70 the 150 day moving average. On the upside 57.75 the 20 hour moving average is the first resistance, but a move above 58 will attract more buyers.Don’t miss a beat! Follow us on Twitter.

Download our latest quarterly market outlook for our longer-term trade ideas.

Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.