EIA reported a draw of -3248 MBbls in U.S. crude-oil inventories for the week ending 1/8/2021. This was smaller than the average estimate of -5281 MBbls as reported by Bloomberg.
Prices were up five minutes following the announcement, to $53.28, from $53.09 just before 9:30am.
Inventories for the US are now at a surplus of 51.151 MBbls to last year and a surplus of 37.29 MBbls to the five-year average.
