The American Petroleum Institute (API) reported Tuesday a modest increase in crude inventories of 2.618 billion barrels for the week ended April 2.
Analysts had predicted a draw of less than 1.436 billion barrels for the week.
The previous week, the API reported an accumulation of 3.910 billion barrels of oil inventories after analysts had predicted a much lower build of 107,000 barrels.
Plains All American are located in main Cushinga from April 2nd.
After making tanks on Monday, oil prices were quoted the day before the data was released, as fears in the market calmed down about additional supplies that could be introduced to the market if talks on the deal Iranian nuclear power would end the lifting of US sanctions.
At 4:02 p.m. EDT, WTI was trading at $ 59.40, or 1.28% more per day. Brent crude traded at $ 62.79 a barrel or 1.03% more on the day.
As U.S. oil inventories shrink, U.S. oil production rose modestly to 11.1 million bpd during the week ending March 26, according to the latest data from the U.S. Administration. energy information. It is the second increase in so many weeks.
The API reported an accumulation of gasoline inventories of 4,553 million barrels for the week ending April 2, following the previous week’s 6,012 million barrel draw. Analysts expected a draw of 221,000 barrels for the week.
Distillate stocks saw inventories rise this week by 2.85 billion barrels during the week, after last week’s 2.595 million barrel increase.
Inventory figures fell by 84,000 barrels.
Published the data release, at 16:34 EDT, the WTI benchmark was trading at $ 59.45, a dollar higher than last week’s levels. Brent crude was trading at $ 62.83 a barrel.
By Julianne Geiger for Oilprice.com
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