Oil takes a quick dip with weekly inventories eyed later (and bounces right back)

I can't find any headlines behind the quick $1.40 drop in crude oil Crude Oil Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Read this Term prices but it's spilled over into the Canadian dollar.

The selling started right at the top of the hour so I'm guessing that some flows are involved.

We get weekly inventory data today from the US later today. The API numbers were bullish:

• Crude -4037K
• Gasoline +1060K
• Distillates -550K

Consensus estimates:

There is an ongoing focus on implied gasoline demand that will be key to today's inventory figures.

Update: Oil has come storming right back. It's looking like a fat finger or some really sloppy flows.