• Crude oil stocks tumble unexpectedly last week by 4.756M barrels.
• Crude oil price rise after inventory data, WTI hits fresh daily highs above $89.00.

Commercial crude oil inventories in the US dropped by 4.756 million barrels in the week ending February 5, a weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Market consensus pointed to an increase in crude oil stocks.

Distillate stocks saw a smaller than expected decline of 929K barrels (forecasts were for a 1.7M barrel build). Gasoline stocks also dropped unexpectedly by 1.644M against market consensus of a 1.623M increase.

Market Reaction

WTI rose after the report hitting fresh daily highs above $89.00.