EIA reported a draw of -7373 MBbls in U.S. crude-oil inventories for the week ending 7/31/2020. This was larger than the average estimate of -2309 MBbls as reported by Bloomberg.
Prices were up five minutes following the announcement, to $43.36, from $43.28 just before 9:30am.
Inventories for the US are now at a surplus of 82.051 MBbls to last year and a surplus of 70.13 MBbls to the five-year average.
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