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 Small Inventory Draws Fail to Check Oil Price Rise

On Tuesday, August 10, 2021, the API accounted for a pull-down in crude oil Inventory for a week that ended on August 6, of around 816,000 barrels, getting the net crude draw for 2021 till now to approximately 56 million barrels.Analysts had projected a thrash of 1.050 million barrels for the week.

In the last week, the API accounted for oil Inventory drag of 879,000 barrels- a number much lesser than the draw of approximately 3 million barrel, which the analysts projected. The price of a WTI barrel had increased earlier on Tuesday, August 10, 2021, post a vicious Monday as worries of the Delta variant’s effect on the global oil demand subsided.

Small Inventory Draws Fail to Check Oil Price RiseWTI added up around 3% on Tuesday noon session marching up to the data release. WTI price stood at USD68.48 at 4:03 p.m. EST- a gain of USD2 per barrel on the day, but still at a loss of USD2 from this time last week. Brent crude was traded at USD70.77, up by 2.51% for the day and dropped by approximately USD2 per barrel week on week. As U.S. stocks for crude oil persist in dropping, U.S. production of oil has managed to remain on a moderately smooth keel, which has increased to 11.2 million barrels a day now which was at 11 million barrels a day at the beginning of the year, where it settles for two weeks continuously.

The API accounted for a pull in Inventory of gasoline for the week that ended on August 6, which was 1.114 million barrels – in comparison with the 5.751-million-barrel drag of earlier week.Stocks of Distillate witnessed an elevation in all Inventory this current week of 673,000 barrels, approximately counteracting 717,000-barrel decline for the past week. Cushing Inventory dropped this week by 413,000 barrels, post the previous week’s 659,000-barrel rise.

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