EIA reported a draw of -3135 MBbls in U.S. crude-oil inventories for the week ending 12/11/2020. This was larger than the average estimate of -1088 MBbls as reported by Bloomberg.
Prices were up five minutes following the announcement, to $47.64, from $47.53 just before 9:30am.
Inventories for the US are now at a surplus of 52.178 MBbls to last year and a surplus of 45.21 MBbls to the five-year average.
