Oil prices fell after the EIA reported an unexpected inventory build, countering earlier optimism from the API report.
Oil prices moved lower today, after the U.S. Energy Information Administration reported an inventory build, countering API ’s weekly estimate for oil stocks. The EIA saw oil inventories add 1.4 million barrels in the week to August 9, which compared with a decline of 3.7 million barrels for the previous week. The API , a day earlier, estimated a 5.2-million-barrel decline in crude oil inventories for the week to August 9.
The figures compared with an inventory build of 900,000 barrels for the previous week, when production averaged 5 million barrels daily. Crude oil prices, meanwhile, were trending higher earlier in the day following the API’s inventory report and a smaller-than-expected rise in producer prices in the U.S. in July that reinforced expectations of a rate cut. Later in the day, prices dipped. The possibility of a larger war in the Middle East also continued to support the benchmarks as the U.S.
EIA API Inventory Gasoline Distillates War Premium IEA OPEC Demand Growth
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