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Sinopec News Network, according to news from today's oil price website, May 11, the American Petroleum Institute (API) announced on Tuesday that crude oil inventories fell by 2.
Analysts had predicted that crude oil would decrease by 2.
The previous week, API announced that crude oil inventories had fallen sharply by 7.
Oil prices rose the day before the data was released because the oil demand forecast in OPEC's latest version of MMOR remained unchanged, and the disruption of the Colonial pipeline caused oil refineries on the Gulf Coast to curb production.
At 3:23 pm Eastern Time, WTI closed at $65.
The latest data from the U.
API reported that as of the week of May 7, gasoline inventories increased by 5.
Distillate stocks fell by 872,000 barrels this week and 345,300 barrels last week.
Cushing’s inventory decreased by 120,900 barrels this week.
After the data was released, at 4:35 pm Eastern Time, WTI closed at $65.
Wang Lei excerpted from today's oil prices
The original text is as follows:
Oil Prices Bolstered By Crude Inventory Draw
The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 2.
Analysts had predicted a draw of 2.
In the previous week, the API reported a massive draw in oil inventories of 7.
Oil prices were trading up on the day prior to the data release as OPEC's oil demand forecast remained unchanged in the latest edition of its MMOR and as the Colonial Pipeline outages cause Gulf Coast refiners to curb production.
At 3:23 pm EDT, WTI traded at $65.
While crude oil inventories fell this week, US oil production was unchanged at 10.
The API reported a build in gasoline inventories of 5.
640 million barrels for the week ending May 7—more than offsetting the previous week's 5.
308 million barrel draw.
Analysts had expected a 600,000 barrel draw for the week.
Distillate stocks saw a decrease in inventories this week of 872,000 barrels for the week, after last week's 345,300 barrel decrease.
Cushing inventories fell this week by 120,900 barrels.
Post data release, at 4:35 pm EDT, the WTI benchmark was trading at $65.
41 while Brent crude was trading at $68.
67 per barrel.
