The American Petroleum Institute (API) reported on Tuesday an extraction of crude oil stocks of 5.272 million barrels for the week ending January 22.
Analysts predicted an inventory of less than 430,000 barrels per week.
In the previous week, API reported an increase in oil stocks of 2.562 million barrels, after analysts predicted an extraction of 1.167 million barrels.
Oil prices were trading on Tuesday before the release of the data. China’s blockades, the AIE’s bleak outlook for oil demand, a slow global launch of the coronavirus vaccine and a possible delay or hiccup in the next round of stimulus payments that the new administration said would be pushed immediately draw on prices.
Half an hour before Tuesday’s data release, the WTI was down $ 0.27 that day (-0.51%) to $ 52.50, down $ 0.80 from last Wednesday.
The Brent crude oil benchmark had fallen $ 0.06 (-0.11%) to $ 55.82 that day – down $ 0.70 a week.
U.S. oil production remained constant at 11.0 million barrels per day for six weeks in a row, according to the latest data provided by the Energy Information Administration, with limited expectations of any rapid increase in production as oil companies I walk carefully.
API reported an increase in gasoline stocks of 3.058 million barrels for the week ending January 22 – compared to 1.129 million barrels in the previous week. Analysts expected a construction of 1.764 million barrels per week.
Distillate stocks rose 1.398 million barrels for the week, in addition to last week’s 816,000 barrels, while Cushing stocks fell 3.475 million barrels.
At 16:36 EDT, the WTI benchmark was trading at $ 52.55, while Brent crude was trading at $ 55.87.
By Julianne Geiger for Oilprice.com
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