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US crude oil inventories show a larger than expected drawdown of -12.157M vs -0.680M est.

The weekly EIA oil inventory data shows :

Crude stocks down 12.157 million barrels to 448.54 million, vs forecast of 0.7 million barrel drawGasoline stocks down 2.214 million barrels to 231.67 million, vs forecast of 1.3 million barrel drawDistillate stocks down 1.535 million barrels to 119.73 million, vs forecast of 1.2 million barrel drawCushing up 345,000 barrels to 34.24 million. Last week -0.226MHeating oil stocks down 572,000 barrels to 7.14 millionNet crude imports down 555,000 barrels per day to 2.15 million barrels per dayEthanol output up 21,000 barrels per day to 1.06 million barrels per dayCrude exports up 491,000 barrels per day to 4.4 million barrels per dayEthanol stocks up 171,000 barrels to 23.59 million

The price of crude.oil has moved higher after the report and currently trades at $83.21 up $0.40 or 0.50%. It is still lower than the high price reached yesterday at $84.38. That level was eight cents short of the April 26 high of $84.46 (the next upside target).

This week the price has moved above the 61.8% retracement of the move down from the April high to the June low at $81.84. Staying above that level keeps the buyers in more control.

This article was written by Greg Michalowski at www.forexlive.com.

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