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Brent yet to react much to larger than expected US weekly draw
The latest US weekly oil inventory data has just been released and it has revealed a greater than forecast draw on US stock piles. Stocks were expected to show a draw of around 1.5 million barrels, they have actually shown a draw of 3.43 million barrels. Prior to this data the price of Brent crude had fall back from an earlier session high at $80.68, but it was on the rebound after holding levels above $80. The impact of this data is just lifting it from close to $80 ahead of the release, but it is yet to challenge the earlier highs. Brent for October delivery is currently trading at $80.13
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