Oil Prices Find Support As API Reports Massive Crude Draw

12 Jul 2017   Prices

The American Petroleum Institute (API) reported a huge draw of 8.133 million barrels in United States crude oil inventories, compared to analyst’s expectations that this week would see a much more modest draw of 2.99 million barrels for the week ending July 7. At 4:13pm EST, WTI was trading up 1.53% at$45.08, less than 10 cents per barrel over last week’s prices of $44.99. Brent crude was trading up 1.45% at $47.56, roughly 10 cents per barrel down from last week’s levels. Gasoline was also trading up on the day, by 1.46% at $1.5181. Today’s price increases is due in large part to the Energy Information Administration’s revised forecast that U.S. oil production would produce 9.9 million barrels daily in 2018—down from its previous forecast of 10 million bpd. While the downward revision has afforded the market a break from falling prices, a reduction to 9.9 million barrels per […]

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