The EIA reported a build of +16,283 MBbls in U.S. crude-oil inventories. The build was larger than the average estimate of +1,380 as reported by Bloomberg.
Prices were up in the five minutes following the announcement, to $78.09 from $77.89 just before 09:30 AM.
Inventories for the U.S. are now at a surplus of 60.00 MMBbls (14.6%) to last year, and a surplus of 33.10 MMBbls (7.5%) to the five-year average.
