3.1 MMBBL draw was expected, but a 3.3 MMBBL build happened
An unexpected crude oil inventory build sent crude prices reeling today, after several weeks of inventory draws seemed to signal the long-awaited market rebalancing.

The EIA today reported a build in commercial crude oil inventories last week of just under 3.3 million barrels. This came as a surprise to traders, as according to Bloomberg analysts predicted a draw of about 3.1 million barrels.

Stocks of refined products also grew, with gasoline, fuel oil and other oils each showi...

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