Oil Rises as EIA Crude Inventories Post Larger Than Expected Cut

Today has seen the weekly release of the Energy Information Administration’s Crude Inventory data which has come in at a surprise for many market participants. Crude data specifically has been the outlier in the dataset posted today with a larger than expected cut.

Data released today has shown a further week of cuts for Crude Inventories within the United States of -4.982 million barrels on top of last weeks cut which came in at only -0.745 million barrels.....