EIA reported a draw of -7998 MBbls in U.S. crude-oil inventories for the week ending 10/30/2020. This was larger than the average estimate of 581 MBbls as reported by Bloomberg.
Prices were unchanged five minutes following the announcement, to $38.39, from $38.39 just before 9:30am.
Inventories for the US are now at a surplus of 45.576 MBbls to last year and a surplus of 33.79 MBbls to the five-year average.
