The American Petroleum Institute (API) reported on Tuesday that crude oil inventories fell by 2.618 million barrels in the week ending April 2.
Analysts had expected a reduction of 14.36 million barrels this week.
In the previous week, API reported that oil inventories increased by 3.901 million barrels, after analysts had expected the figure to be much smaller at 107,000 barrels.
All Americans in the Plains Cushing’s main tank isOne As of April 2.
After the crash on Monday, oil prices rose the day before the data was released because the market worried that if negotiations on the Iran nuclear deal ended with the lifting of US sanctions, it might bring market concerns about more supply.
At 4:02 pm Eastern Time, WTI’s trading price was $59.40, or a 1.28% increase on the day. Brent crude oil traded at US$62.79 per barrel, an increase of 1.03% on the day.
According to the latest data from the U.S. Energy Information Administration, with the reduction of U.S. oil inventories, U.S. oil production increased slightly to 11.1 million barrels per day in the week ending March 26. This is the second increase in weeks.
API reports that gasoline inventories increased by 4.553 million barrels in the week ending April 2 from 6.012 million barrels in the previous week. Analysts had expected 221,000 barrels of oil to be pumped out this week.
After increasing by 2.595 million barrels last week, distillate stocks this week increased by 2.81 million barrels this week.
The severe inventory figure fell by 84,000 barrels.
After the data was released, at 4:34 pm Eastern Time, the WTI benchmark trading price was $59.45, which was $1 lower than last week’s level. Brent crude oil traded at $62.83 per barrel.
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