Private oil inventory data out - oil price drops

Author: Eamonn Sheridan | Category: News

This is the private survey; it is released to subscribers at the bottom of the hour and social media disseminates it quickly after that.

US crude stockpiles rose on the week, a surprise (see expectations below the pic)

The official data is due from the US Energy Information Administration on Wednesday morning, US time. The latest Reuters survey showed US crude oil inventories were expected to fall by around 2.3 million barrels (for the week ended May 12), for a sixth straight weekly decline. It looks like those expectations might have to be revised!

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