Oil Rises Again on Big Crude, Gasoline Pulls – OilPrice.com

The American Petroleum Institute (API) on Tuesday reported a drop in crude oil inventories of 4.524 million barrels for the week ending August 21.

Analysts had predicted an inventory drawdown of 3.694 million barrels.

In the previous week, API reported a crude oil inventory drawdown of 4.264 million barrels, after analysts predicted a drawdown of 2.670 million barrels.

Oil prices were trading on Tuesday afternoon ahead of the API data release, and as of 2:51 p.m. EDT, WTI had risen $ 0.77 (+ 1.81%) to $ 43.39, or about $ 1 from last week’s levels. The benchmark Brent index was up $ 0.82 (+ 1.82%) to $ 45.95, just below a $ 1 rise.

Oil prices have failed to get any real traction over the past month, even with the historic reduction in OPEC production and the decline in production in the United States, on the back of grim forecasts of ‘moderate future demand for oil in the coming months.

The decline in oil production in the United States was held steady this week, still down from a peak of 13.1 million bpd on March 13. U.S. oil production currently stands at 10.7 million b / d as of Aug. 14, according to the Energy Information Administration – a 2.4 million b / d loss that contributes to OPEC’s efforts to curb production in order to regain market equilibrium.

The API also reported a large gasoline inventory draw, of 6.392 million barrels of gasoline for the week ending Aug. 21, compared to the construction of 41 million barrels last week. Analysts were expecting a much weaker 1.533 million barrels for the week.

Distillate inventories were up 2.259 million barrels for the week, from last week’s 964,000 barrels draft, while Cushing’s inventories fell 646,000 barrels.

At 4:36 p.m. EDT, WTI was trading at $ 43.37 while Brent was trading at $ 45.93.

By Julianne Geiger for OilUSD

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