The American Petroleum Institute (API) reported on Tuesday that crude oil inventories fell by 4.785 million barrels in the week ending December 25.
Analysts had expected inventories to be 2.1 million barrels this week.
In the previous week, API reported that oil inventories increased by 2.7 million barrels, after analysts had expected the figure to be 3.135 million barrels.
Both Brent crude oil futures and West Texas Intermediate (WTI) crude oil rose in early trading on Tuesday after the market expected President Donald Trump and the House of Representatives to sign more stimulus measures on Monday. However, despite the blockade and sluggish demand, OPEC’s plan to gradually increase oil production after the beginning of this year continues to limit revenue.
At the moment before the data was released on Tuesday, WTI rose by $0.41
According to data from the US Energy Information Administration, for the week ending December 18, US oil production remained stable at 11 million barrels per day, 2.1 million barrels per day lower than the historical high of 13.1 million barrels per day set in March.
API reports that in the week ending December 25, gasoline inventories fell by 718,000 barrels, compared with 224,000 barrels last week. Analysts had expected an increase of 17.78 million barrels in production this week.
Compared with last week’s 1.03 million barrels, distillate stocks this week decreased by 1.877 million barrels, while Cushing’s inventory increased by 131,000 barrels this week.
At 4:36 pm Eastern Time, the WTI benchmark transaction price was $47.99, while the Brent crude oil transaction price was $51.07.
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