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Oil rises with greater crude extraction

The American Petroleum Institute (API) reported Tuesday a 9.517 million-barrel draw for crude oil stocks for the week ending Sept. 11.

Analysts had predicted a draw of 1.271 million barrels.

In the previous week, the API reported a draw in crude oil inventories of 2.970 million barrels, after analysts had predicted a minor pull of 1.335 million barrels.

Oil prices rose on Tuesday afternoon before the API’s data release, but rising prices only come after a brutal trading day the day before, as oil prices fell to their lowest levels since June.

In the hours leading up to Tuesday̵

7;s data release, at 14:36 ​​EDT, the WTI had risen by $ 1.03 (+ 2.76%) to $ 38.29. While WTI is significantly up during the day, WTI trades only a few cents up a week. The Brent crude benchmark market had risen by $ 0.89 at. 14:38 (+ 2.25%) to $ 40.50. But compared to last week, Brent traded down $ 0.25 compared to last week.

Oil production in the US rose during the first week of September from the week before, but it is still markedly down from a high level of 13.1 million bpd on 13 March. US oil production is currently at 10.0 million bpd, according to the Energy Information Administration – 3.1 million bpd below highs in March.

The API reported a build-up of 3.762 million barrels of gasoline for the week ending Sept. 4 – compared to last week’s pull of 6,892 million barrels. Analysts had expected a much smaller haul of 160,000 barrels a week.

Distillate stocks fell by 1.123 million barrels for the week compared to last week’s 2.293 million barrels, while Cushing’s stocks fell by 798,000 barrels.

16:37 EDT traded the WTI benchmark at $ 38.24, while Brent Crude oil traded at $ 40.53.

By Julianne Geiger for Oilprice.com

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