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Brent crude fails to react positively to much higher than forecast draw in the US EIA inventory data

The latest weekly crude oil inventory data from the US EIA (Energy Information Agency) has just been released. As noted here earlier, the markets were expecting a draw of around 1.95 million barrels, versus a prior build of 1.85 million barrels. The data has just revealed a draw of 4.15 million barrels. Prior to this, Brent crude for the final day of trading in the July contract had rebounded from a low underneath $82.50, to above $83.25 on the prospect of an anticipated draw in stockpiles. Well, this data has not yet actually delivered a spike higher in the price of Brent, which is a little confusing, but maybe we have to put that down to the proximity of the expiry later today? Brent for July delivery is currently trading at $82.80

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