US crude inventories depleting rapidly

Despite the rapid depletion of US commercial crude stocks, crude futures remained range-bound on early Wednesday, at 74.9 $/b at the prompt. US crude inventories may have dipped by 8.1 mb, while US product inventories built at a more marginal pace. Globally, crude stocks dipped last week by a sizable amount, especially in the Middle East, according to Kpler. The OPEC+ technical committee meeting was delayed to Thursday, the day of the OPEC+ ministerial meeting, as some disagreements emerged within the OPEC+ group.