Large Inventory Draws Boost Crude Prices

By Julianne Geiger10 days ago

The American Petroleum Institute (API) on Tuesday reported a massive draw in crude oil inventories of 7.688 million barrels for the week ending April 30.

Analysts had predicted a more modest draw of 2.346 million barrels for the week.

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In the previous week, the API reported a major build in oil inventories of 4.319 million barrels after analysts had predicted a much smaller build of 659,000 barrels.

Rose Rock Midstream tanks as of April 30.

Oil prices were trading up on the day prior to the data release as the EU and several U.S. states plan to relax their lockdown restrictions in a move that would bolster oil demand, even as the number of new coronavirus cases in India remains high.

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