Oil prices continued to rise amid the massive drawdown of crude oil

Cushing

The American Petroleum Institute (API) announced Tuesday that it had withdrawn crude oil inventories by 4.785 million barrels for the week ending December 25.

Analysts expected a stock draw 2.100 million barrels For the week.

The previous week, the American Petroleum Institute had announced an increase in oil inventories by 2.70 million barrels, after analysts had expected a withdrawal of 3.135 million barrels.

Brent and West Texas Intermediate rallied Tuesday morning ahead of the release of data in hopes of a larger round of stimulus checks signed by President Donald Trump and the House of Representatives on Monday. However, the gains are still limited due to OPEC’s plans to gradually increase oil production after the start of the year despite closures and lower demand.

Moments before the release of Tuesday’s data, WTI rose $ 0.41 (+ 0.86%) to $ 48.03, up $ 80 a barrel over the course of the week. The benchmark Brent Crude Oil Index rose by $ 0.44 at the time (+ 0.87%) to $ 51.30 – up nearly $ 1 a barrel over the course of the week.

US oil production has stabilized at 11.0 million According to the Energy Information Administration, barrels per day for the week ending December 18 – 2.1 million barrels per day below the all-time high of 13.1 million barrels per day in March.

The American Petroleum Institute reported a withdrawal of gasoline inventories of 718,000 barrels of gasoline for the week ending December 25 – compared to the previous week’s draw of 224,000 barrels. Analysts predicted a 1.778 million barrels Building for the week.

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Distillate stocks fell by 1.877 million barrels for the week, compared to last week’s increase of 1.03 million barrels, while Cushing inventories increased this week by 131,000 barrels.

At 4:36 PM EST, the WTI was trading at $ 47.99, while Brent crude was trading at $ 51.07.

Written by Julian Geiger for Oilprice.com

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