U.S. Crude and Gasoline Inventories See Surprise Draws, Adding to Bullish Oil Sentiment

Crude oil inventories in the U.S. fell 5.5 million barrels last week, contradicting analyst predictions of a 0.4 million barrel build
Gasoline inventories also dropped nearly 3.8 million barrels, adding to bullish sentiment
Distillate inventories fell 1.2 million barrels, already 10% below 5-year average
Cushing inventories dropped nearly 1 million barrels after rising the previous week
Oil prices were slightly down ahead of API data release as EIA increased 2024 U.S. crude production forecast