Crude oil prices bounced back immediately after the release of the weekly oil inventories data from the Energy Information Administration, earlier.
The EIA reported that crude inventories rose by 2.4 million barrels last week. Analysts were looking for a 2.6 million-barrel build. So the headline figure was better than expected and there was further good news within the report, too.
Crude stocks at Cushing fell by 0.6 million barrels, while stocks of gasoline (0.79m) and distillates (0.56m) also deceased. However, production rose further, climbing by another 0.4% last week.