WTI jumps after DoE reports surprise drop in weekly oil inventories

US crude oil inventories shrank unexpectedly again last week, alongside another drawdown in product inventories.

Over the week ending on 8 March, commercial oil stockpiles in the States fell by 3.9m barrels (consensus: +2.655m) versus the prior week to reach 449.1m barrels.

According to the US Department of Energy, that left them roughly 2.0% above their five-year average.

Product inventories also declined, with those gasoline down by 4.6m barrels, together with a 1.2m barrel drop in those of propane/propylene.

Gasoline inventories on the other hand did eke out a small increase of 0.4m barrels.

In parallel, domestic oil output dipped by 100,000 barrels a day to reach 12.0m b/d with refineries operating at 87.6% of capacity.

As of 1555 GMT, front monh West Texas Intermediate crude oil futures for prompt month delivery were climbing by 1.73% to $57.87 a barrel on the ICE.