EIA reported a draw of -7493 MBbls in U.S. crude-oil inventories for the week ending 7/10/2020. This was larger than the average estimate of -88 MBbls as reported by Bloomberg.
Prices were up five minutes following the announcement, to $40.67, from $40.47 just before 9:30am.
Inventories for the US are now at a surplus of 72.696 MBbls to last year and a surplus of 75.66 MBbls to the five-year average.
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