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Oil Inventories Fall by 2.6M Barrels Last Week: API

CommoditiesApr 06, 2021 04:49PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com - U.S. crude stockpiles fell last week, but rising product inventories continue to suggest the demand outlook remains far from robust despite signs the global recovery remains intact.

West Texas Intermediate, the benchmark for U.S. crude prices, rose $0.63 a barrel on the news, after settling up $0.68 at $59.33 a barrel.

U.S. crude inventories fell by 2.6 million barrels for the week ended April 1, according to an estimate released Tuesday by the American Petroleum Institute. That compared with a build of 3.9 million barrels reported by the API for the previous week.

The API also showed that gasoline inventories increased by about 4.5 million last week, compared with a 6 million draw in the prior week, and distillate stocks rose by about 2.8 million barrels. 

Oil prices were boosted intraday as investors cheered news on the global recovery and ongoing signs of reopening progress in the U.S.

The International Monetary Fund lifted its global growth forecast to 6% in 2021, up from its prior forecast of 5.5%, citing the ongoing progress of the vaccine deployment worldwide. The IMF forecast the euro zone to grow 4.4% in 2021. The faster roll out of vaccines in the U.S. continues to spur the reopening process, with California Governor Gavin Newsom saying the state will lift most restrictions by June 15.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies fell by about 1.44 million barrels last week. 

 
 
 
Oil Inventories Fall by 2.6M Barrels Last Week: API
 

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Comments (6)
perplexed76 .
perplexed76 . Apr 06, 2021 11:04PM ET
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what's the use of this api? to intrigue gamblers for half the day before officaila data?
Felipe Coutinho
Felipe Coutinho Apr 06, 2021 6:16PM ET
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60 will hold up trend towards 2022
Frank Olivarez
Frank Olivarez Apr 06, 2021 5:35PM ET
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This is going down to $50 , i put 50k on weekly shorts today! Lfg
Marco Panetoni
Marco Panetoni Apr 06, 2021 5:35PM ET
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Bad move. The bottom is $57-$58, the top is $63-$65
Ivan Posavac
Ivan Posavac Apr 06, 2021 5:35PM ET
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That's also not a bad gain if it drops to $57-$58
Rafael Undurraga
Rafael Undurraga Apr 06, 2021 5:05PM ET
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Next stop, US$ 51
Mostafa Ajjouj
Mostafa Ajjouj Apr 06, 2021 5:05PM ET
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me money oky
Ervis Hamza
Ervis Hamza Apr 06, 2021 5:00PM ET
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Ervis hamza
Ervis Hamza
Ervis Hamza Apr 06, 2021 5:00PM ET
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dua te luaj
 
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