US EIA weekly crude oil inventories -1508K vs -983K expected

<ul><li>Prior was -9603K</li><li>Gasoline -2550K vs -1417K exp</li><li>Distillates -1045K vs +296K exp</li><li>Refinery utilization -1.1% vs +0.1% exp</li><li>SPR release 1.4 million barrels (the final 1.3 million barrels coming next week)</li></ul><p>Private data from late yesterday:</p><ul><li>Crude -4382K</li><li>Gasoline +1615K</li><li>Distillates +604K</li></ul><p>Saudi Arabia raised its selling prices today but that wasn't entirely a surprise. The strong US dollar has cooked oil prices today with WTI down $1.18 to $70.61. I find it odd that oil has been selling off all year on recession/demand fears and now it's selling off on rate-hike fears.</p>

This article was written by Adam Button at www.forexlive.com.