Oil prices made strong gains following the publication of the US inventory data yesterday afternoon. Brent increased in price by $1.5 to $54.5 per barrel, while WTI even rose by almost $2 to reach $49.5 per barrel. The US Department of Energy reported an unexpectedly sharp 4.2 million barrel decline in US crude oil stocks for last week. Besides a significant fall in imports, a decrease in crude oil production by 145,000 barrels per day was responsible for the inventory reduction. This was the most pronounced drop in production in recent years, leaving brief weather-related production outages out of the equation. “Because the decline in production was not attributable to such special factors, it could prove sustainable. A clearer picture will be provided by figures to be published next week”, states Commerzbank.
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