Crude oil bulls back in control - ANZ

Analysts at ANZ noted that crude oil prices continued their recovery after data showed a smaller than expected rise in inventories. 

Key Quotes:

"EIA said US inventories rose only 867 thousand barrels to 534 million barrels. A Bloomberg survey suggested the market was expecting a decline of 2 million barrels. However, the market got excited about the 3.75 million barrel drawdown in US gasoline supplies.

The big falls in gasoline inventories, coming near the end of the refinery maintenance season, suggest crude oil inventories are on the cusp of declining. Production issues also deepened, with Libyan oil output falling to about 500kb/d due to the shutdown of pipelines from its biggest field."