EIA reported a draw of -241 MBbls in U.S. crude-oil inventories for the week ending 12/3/2021. This was smaller than the average estimate of -1169 MBbls as reported by Bloomberg.
Prices were down five minutes following the announcement, to $71.83, from $72.01 just before 9:30am.
Inventories for the US are now at a deficit of 55.172 MBbls to last year and a deficit of 29.56 MBbls to the five-year average.
