WTI Spikes After Iraq Headlines, Unexpected Crude Inventory Draw

A crude draw and bigger than expected gasoline build overnight from API did nothing for oil prices as OPEC headlines dominate trading and DOE data confirmed API with a modest crude draw and bigger than expected Gasoline build. Oil prices are rising on Iraq headlines even as crude production rose very modestly.
API
Crude -1.28mm ( 1mm exp) Cushing -140k (-100k exp) Gasoline 2.68mm ( 900k exp) Distillates -350k DOE
Crude -1.255mm ( 1mm exp) Cushing -97k ( 300k exp) Gasoline 2.317mm ( 900k exp) Distillates 327k (-1mm exp)

This post was published at Zero Hedge on Nov 23, 2016.