WIKIFX REPORT: BREAKING: US crude stocks drop unexpectedly

Oil prices rose on Wednesday following unexpected drawdowns in U.S. crude and fuel stocks, outweighing downward pressure from the continued strength in the U.S. dollar. This was as result of Publication of report from the US Department of Energy to caused some moves on the oil market. Crude inventories fell unexpectedly, while gasoline stockpiles dropped more than expected.

Gasoline stocks fell 4.7 million barrels to 207.5 million barrels, while distillate stocks fell 3.4 million barrels to 110.9 million barrels.

There was a surprise in distillate inventories data as it showed a big decline.

• Oil inventories: - 1.356 mb vs +2.052 mb expected (AP

Gasoline inventories: -4.728 mb vs -1.334 mb (API: -3.47 mb)

• Distillate inventories: -3.443 mb vs -1.8 mb (API: -4.05 mb)

• Oil inventories at Cushing, Oklahoma: +0.273 million barrels vs +0.692 million barrels previously

WTI Crude Oil (OIL.WTI) price is testing major resistance zone around $87.60. Source:xStation5