Weekly EIA inventories crude oil 8.701M versus +1.160 million estimate

<p><br></p><ul><li>Prior week +3.592 million</li><li>Crude oil 8.701M versus +1.160 million estimate.</li><li>Gasoline 0.749Mversus -0.150 million estimate. Prior week -1.540 million</li><li>Distillates -1.018M versus -0.761 million. Prior week -1.422 million.</li><li>Cushing&nbsp;+0.858M&nbsp;versus +1.925M last week</li><li>refinery utilization +0.9% versus 0.9% expected and&nbsp;0.9% prior<br></li></ul><p>The private data last night showed a surprisingly large 9.1 million build in crude oil stocks. Below where there numbers for the other inventory data:</p><figure data-media-><img src="https://images.forexlive.com/images/Oil_id_d7821cd7-66b5-4ab2-872f-9659dccd4425_original.jpg" wrapper-="wrapper-" data-src="https://images.forexlive.com/images/Oil_id_d7821cd7-66b5-4ab2-872f-9659dccd4425_original.jpg" /><figcaption><div>Private inventory data changes in the current week</div></figcaption></figure><p>The price of WTI crude oil was trading down at $74.20 prior to the release. OPEC+&nbsp;postponing their schedule meeting for November 26 to November 30 has investors concerned about the ability to cut production quotas.</p><p>The current price is trading right around those levels at $74.20, down $-3.55 or -4.5%.<br></p>

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