The American Petroleum Institute (API) reported on Tuesday an extraction of crude oil stocks of 4.785 million barrels for the week ending December 25.
Analysts predicted an inventory extraction of 2.1 billion barrels per week.
In the previous week, API reported an increase in oil stocks of 2.70 million barrels, after analysts predicted an extraction of 3.135 million barrels.
Both Brent and WTI woke up Tuesday morning before the release of the data, hoping for a larger round of stimulus checks signed by President Donald Trump and the House on Monday. However, gains continue to be limited by OPEC’s plans to gradually increase oil production after the beginning of the year, despite stagnation and depressed demand.
Moments before Tuesday’s release, the WTI rose $ 0.41 (+ 0.86%) to $ 48.03, up $ 0.80 a barrel a week. The Brent crude benchmark rose 0.44 USD (+ 0.87%) that day to $ 51.30 – up about $ 1 a barrel a week.
US oil production remained at 11.0 million bpd for the week ending December 18, according to the Energy Information Administration – 2.1 million bpd lower than the all-time high of 13.1 million bpd in March.
API reported a 718,000-barrel gasoline stock extraction for the week ending Dec. 25 – compared to 224,000 barrels last week. Analysts expected a construction of 1,778 million barrels for the week.
Distillate stocks fell 1.877 million barrels per week from 1.03 million barrels last week, while Cushing stocks rose 131,000 barrels this week.
At 16:36 EDT, the WTI reference value was trading at $ 47.99, while Brent crude was trading at $ 51.07.
By Julianne Geiger for Oilprice.com
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