DOE Confirms Larger Than Expected Crude Inventory Draw, Production Drops Most In 2 Months

Confirming API's report of a significant inventory draw, DOE just reported that, after 2 weeks of builds, US crude inventories fell 4.346 million barrels last week. Crude production also fell 0.44% - the most in 2 months. Crude initially drooped but is rising now...

Significant draw...

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And production fell the most in 2 months...

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But Crude prices are dropping modestly after this draw...

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Charts: Bloomberg