The weekly EIA oil inventory data showed a large fall in crude oil stocks. Distillates showed a build of 1.062 million versus estimates of 0.146 million. The EIA data runs counter to the private survey estimates of a build of crude oil stocks of 3.3 million. Crude oil prices have surged as escalating tensions in the Middle East fuel concerns over potential supply disruptions. From a technical perspective, the price is now trading between two key moving averages: the 200-hour moving average at $84.50 and the 100-hour moving average at $85.46.