EIA reported a draw of -3818 MBbls in U.S. crude-oil inventories for the week ending 10/9/2020. This was larger than the average estimate of -2136 MBbls as reported by Bloomberg.
Prices were up five minutes following the announcement, to $39.77, from $39.90 just before 10:00am.
Inventories for the US are now at a surplus of 63.54 MBbls to last year and a surplus of 47.45 MBbls to the five-year average.
