Weekly crude inventories dropped by 3.775 million barrels, missing the 4.466 million estimate as distillates rose unexpectedly.
US crude oil inventories declined by 3.775 million barrels last week, below the 4.466 million draw expected by analysts. Gasoline stocks fell by 2.333 million barrels, exceeding the 1.021 million estimate, while distillates rose by 2.483 million barrels against a forecasted 0.513 million draw.
Prior to the report, crude futures traded at $68.80, with intraday lows at $68.22. The previous close before geopolitical tensions escalated was $67.28. Private data released earlier had suggested a different inventory trend.
Crude oil futures edged higher to $68.82 following the release, reflecting a muted reaction to the mixed inventory data.