The EIA reported a build of +2,025 MBbls in U.S. crude-oil inventories. In contrast, the market expected a draw of -2,329 MBbls as reported by Bloomberg.
Prices were up in the five minutes following the announcement, to $120.16 from $120.00 just before 09:30 AM.
Inventories for the U.S. are now at a deficit of 58.00 MMBbls (-12.2%) to last year, and a deficit of 71.80 MMBbls (-14.7%) to the five-year average.
