WTI oil prices had little reaction to the weekly inventory report, which was mostly bearish. While there was a significant net drawdown of crude oil inventories of 2.6 million barrels, Cushing inventories rose 588,000, which was much more than expected and double the amount reported by the API. Gasoline inventories fell, but demand was down. The report also showed a rise in the distillate category, which was a negative, as it becomes the focus of the market with the passing of the summer driving season.
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