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A bigger than expected draw on US oil stocks lifts Brent off the lows
The latest weekly US DOE oil inventory data has just been released and it has shown a much larger than forecast draw on crude stocks in the latest reporting week. That has also contradicted the private inventory data released last night. The data just released has shown a draw of more than 5 million barrels, where a draw of around 1 million was forecast. Brent was falling back leading into this data. Earlier it had peaked at $74.27 per barrel. It was on session lows, around $73.35 when this data hit the screens. It has spiked close to $73.80 on the news. It is currently a little lower now, around $73.55
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