18 Feb 2016
Oil rallied almost $1 on APT draw data
Oil has settled after the bod on the back of the oil crude stock that showed -3.3m vs prior 2.4m. Oil rallied from $30.46 to a high of $31.45bbls on the news.
The data comes in as a big surprise considering the rumors that there were 11m bbls of building stock. The Cushing draw was of 175,000 barrels, the distillates draw was of 2 mln barrels and the gasoline build was 750K barrels.
Earlier in the US shift, the Iranian oil minister lifted the spirits of oil bulls when he said that Iran supports decision taken by OPEC and non-OPEC countries to keep production 'ceiling' to stabilise oil prices.
The data comes in as a big surprise considering the rumors that there were 11m bbls of building stock. The Cushing draw was of 175,000 barrels, the distillates draw was of 2 mln barrels and the gasoline build was 750K barrels.
Earlier in the US shift, the Iranian oil minister lifted the spirits of oil bulls when he said that Iran supports decision taken by OPEC and non-OPEC countries to keep production 'ceiling' to stabilise oil prices.