Crude oil prices moved higher today, after the U.S. Energy Information Administration reported a decline in crude and fuel inventories
Crude oil prices moved higher today, after the U.S. Energy Information Administration reported a decline in inventories for the week to August 16. Those shed 4.6 million barrels over the period, compared with a build of 1.4 million barrels that surprised traders last week. On Tuesday, the American Petroleum Institute reported another unexpected inventory increase, but a moderate one, at 347,000 barrels. In fuels, the EIA also estimated draws in inventories. Gasoline inventories fell by 1.
9 million barrels daily, which compared with 4.8 million barrels daily for the previous week. Oil prices meanwhile remain depressed, with API’s inventory report becoming the latest contributing factor despite the modest size of the estimated build. In addition to that, hopes of a ceasefire in the Middle East also weighed on oil prices as they reduced the risk of a supply disruption, and the perception of weak Chinese demand remained stable.
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