Crude Oil update: Brent crude rises to $123/bbl as supply drops 2.3 million barrels

As of April 20 10:30 EST BRENT CRUDE FUTR (USD/bbl.) 123.390
WTI CRUDE FUTURE (USD/bbl.) 111.450

The latest Petroleum Status Report shows a drop in imports setting up a 2.3 million barrel decline in commercial oil inventories to 357.0 million barrels last week. Imports of 8.1 million barrels per day are a two-month low.

This will lead to the intelligencai to talk of Libyan-related supply constraints.  Blah blah blah.  Remember you heard it here first. 
Inventories of gasoline and distillates both decreased despite slightly higher output from refineries which operated at a still moderate 82.5 percent of capacity in the week. Demand indications are mixed showing a 1.8 percent year-on-year decrease for gasoline, the lowest rate in more than a year, but a very strong plus 6.2 percent rate for distillates.  Via EIA

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