Oil Prices Near Flat Amid Fall in U.S. Inventory By Investing.com

© Reuters.

Investing.com – Oil prices traded almost unchanged after the Energy Information Administration (EIA) reported the first reduction in crude stocks in four weeks.

I know. UU They traded for the last time at $ 63.80 at 1:35 AM ET (05:35 GMT), while the international remained unchanged at $ 71.61.

Overnight, the EIA said crude reserves fell by 1.4 million barrels last week, higher than the 1.2 million barrel market decline. Crude inventories had been constructed at approximately 17 million barrels in the previous three weeks.

The EIA also reported that gasoline inventories decreased by 1.17 million barrels, compared to expectations of a 2.13 million barrel draw.

Distillate reserves, however, fell by only 0.36 million barrels, compared to forecasts of a decrease of 0.85 million.

Oil prices have been supported this year by an agreement reached by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to reduce its oil production by 1.2 million barrels per day since the beginning of 2019.

In June, they will decide if they continue to reduce production, although recent reports suggest that Russia is reluctant to extend the current production cut-off agreement.

The oil market is also supported by steady economic growth in China.

Its economy grew by 6.4% in the first quarter, according to official data on Wednesday. Analysts expected growth to slow to 6.3%.

Meanwhile, United States sanctions against OPEC members Venezuela and Iran were also cited as a tailwind for oil prices.

Traders are also closely monitoring the evolution of trade negotiations between China and the United States, the two largest oil importers in the world.

Citing two people familiar with the matter, Bloomberg reported that the two parties point to an announcement in early May about a trade agreement.

Officials hope to announce that the two countries reached an agreement and when Chinese Vice Premier Liu travels to Washington for negotiations in the first week of May, according to the report.

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