Oil prices found support on Tuesday afternoon as the API reported a draw across the board
Crude oil inventories in the United States fell this week by 2.286 million barrels for the week ending March 29, according to The American Petroleum Institute API. Analysts had expected an inventory draw of 2 million barrels. This comes after the API reported a staggering 9.337-million-barrel jump in crude inventories in the week prior. On Tuesday, the Department of Energy DoE reported that crude oil inventories in the Strategic Petroleum Reserve SPR rose by another 0.
64% on the day at $88.85, up roughly $2.80 per barrel compared to this time last week. The U.S. benchmark WTI was also trading up on the day by 1.62% at $85.07, up roughly $3.50 per barrel compared to last Tuesday. Meanwhile, gasoline inventories also fell this week, by 1.416 million barrels, on top of the 4.437 million barrel draw in the week prior. As of last week, gasoline inventories were about 1% below the five-year average for this time of year, according to the latest EIA data.
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