The American Petroleum Institute (API) reported an increase in oil stocks of 2.562 million barrels for the week ending January 15.
Analysts predicted an inventory extraction of 1.167 million barrels for the week.
In the previous week, API reported an extraction of 5.821 million barrels of oil stocks, after analysts predicted an extraction of 2.266 million barrels.
Oil prices were mixed on Wednesday before the release of the data, with WTI rising and Brent falling. A large-scale blockade in China that has claimed millions of people due to concerns over an increase in coronavirus cases there, the IEA’s bleak prospects for oil demand, a slow global launch of the coronavirus vaccine that has been hit by technical problems , as well as reports of side effects and a persistent US stimulus, as investors dream of increased economic activity and are encouraged to dive money into riskier efforts – such as oil – have all contributed to a muddy water effect for commodities.
One hour before Wednesday’s data release, the WTI rose $ 0.30 that day (+ 0.57%) to $ 53.28, up from a modest $ 0.015 last week.
On the other hand, the benchmark for Brent crude oil had fallen $ 0.05 (-0.09%) to $ 56.55 that day – down $ 0.70 a week.
US oil production has stagnated at 11.0 million barrels per day, according to the latest data provided by the Energy Information Administration, and there is unlikely to be a significant increase in US oil production, while stocks remain high – higher than it could correct the extraction of several million barrels.
API reported an increase in gasoline stocks of 1.129 million barrels for the week ending January 15 – compared to the construction of 1.876 million barrels in the previous week. Analysts expected a construction of 2.771 million barrels for the week.
Completed inventory construction for the week is distillates, which rose 816,000 barrels per week, adding to last week’s increase of 4,433 million barrels, while Cushing’s stocks fell the only drop this week, to 4,285 million. of barrels.
At 16:34 EDT, the WTI benchmark was trading at $ 53.28, while Brent crude was trading at $ 55.97.
By Julianne Geiger for Oilprice.com
More top readings from Oilprice.com: