Crude Inventory Draw Offers Sliver Of Hope For Oil Markets

OilPrice.com ----- With WTI slipping into a bear market, global floating oil storage at a record high for this year, and Libya getting closer to its target of 1 million barrels of oil daily, things can hardly get any worse for oil prices. The EIA today, however, offered a tiny sliver of hope by reporting a 2.5-million-barrel draw in crude oil inventories. A day earlier, the American Petroleum Institute’s weekly inventory estimate pegged oil inventories at 2.72 million barrels less than the week before, which could have cheered up markets in other circumstances, but not this time. To learn more click on the picture below to read the article.