Oil: sharp drop in crude inventories in the United States last week

(Boursier.com) — Oil prices rebounded strongly after the announcement of a very sharp drop in black gold reserves in the United States last week. According to the US Department of Energy, domestic crude inventories, excluding strategic reserves, fell by 7.1 million barrels during the week ended August 12 to 425 mb. And this while US crude exports have reached a new record. The consensus was for a slight drop of 0.3 mb. Gasoline inventories fell by 4.6 million barrels (-1.1 mb consensus), and those of distilled products increased by 0.8 million barrels (+0.4 mb consensus).