Oil prices are under pressure after large gasoline accumulation

The American Petroleum Institute (API) on Tuesday reported a modest drop in crude oil inventories of 2.618 million barrels for the week ending April 2.

Analysts had forecast a minor extraction of 1,436 million barrels for the week.

The previous week, the API reported an increase in oil inventories of 3.910 million barrels after analysts had forecast a much smaller increase of 107,000 barrels.

All american plains The tanks at Cushing Main areto to April 2.

After sinking on Monday, oil prices rose the day before the data was released, as market fears subsided regarding additional supplies that could be brought to the market if talks on the Iranian nuclear deal end. with the lifting of US sanctions.

At 4:02 pm EDT, WTI was trading at $ 59.40 or 1.28% higher on the day. Brent crude rose to $ 62.79 a barrel or 1.03% higher on the day.

As US oil inventories shrink, US oil production increased modestly to 11.1 million bpd during the week ending March 26, according to the latest Administration data. of Energy Information. It is the second increase in as many weeks.

The API reported an increase in gasoline inventories of 4.553 million barrels for the week ended April 2, after the extraction of 6.012 million barrels the previous week. Analysts had expected a 221,000 barrel draw for the week.

Distillate stocks saw an increase in inventories this week of 2.81 billion barrels for the week, after last week’s increase of 2.595 million barrels.

Cushing’s inventory figures fell 84,000 barrels.

After the data was released, at 4:34 pm EDT, the WTI benchmark was trading at $ 59.45, $ 1 below last week’s levels. Brent crude was trading at $ 62.83 a barrel.

By Julianne Geiger for Oil Moderno

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