fell by 4.34 million barrels, versus forecasts for a decline of about 2.1 million barrels. dropped by 4 million barrels, compared with expectations for a drawdown of 1.93 million barrels.
were 2.1% higher on the day after the release, little changed from before the numbers arrived.
“For a third week in a row, the U.S. inventory picture is a lot healthier than the market thought and in contrast to the global situation for oil, given the impact of the coronavirus,” Investing.com analyst Barani Krishnan said.
“Not surprisingly, prices remain higher, though they are off from the session highs, as the market is tracking by every headline coming out of the OPEC meeting,” Krishnan said. “Until we know for sure what OPEC agrees on, expect volatility.”
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