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Huge crude oil fuel price registration



A day after the American Petroleum Institute reported a fantastic number of oil stocks of over 10 million barrels that continued a number of weekly falls, the Energy Information Administration released its own weekly estimate, confirming the size of the draw, and further boosting oil prices.

According to the EIA, US crude stocks shed 10.8 million barrels a week until July 19. This follows an estimated catch of 3.1 million barrels a week before. Analysts had expected the EIA to report an inventory of 6.33 million barrels.

Petrol stocks fell by 200,000 barrels last week, against a jump of 3.6 million barrels last week. The EIA said that petrol production averaged 1

0.1 million bds last week, up from 9.9 million bd a week earlier.

In distillation fuels, the authority reported a stock increase of 600,000 barrels. One week earlier, the distillation fuel stocks supplied considerable 5.7 million barrels. Production last week averaged 5.2 million barrels per day, compared with 5.4 million bd per week before.

The refineries processed 17 million bd per day during the seven days to July 19, down from 17.3 million bpd on average processed last week.

Yesterday's API report pushed prices higher as the draw it had estimated hit analysts' expectations after the huge 10 million barrels API API reported last week. The EIA's figures from today will undoubtedly strengthen the attendance as the latest developments in the relationship between the United States and Iran make up the mixed signals that the oil market loves to hate.

While these conditions are tense – and tend to be tense after the US Navy shot down an Iranian drone over the Hormuz Strait – reports of pending negotiations have eased some of that pressure and lowered oil prices.

At the time of writing, Brent traded crude oil at USD 63.96 barrels with West Texas Intermediate at. US $ 56.97 per barrel, both moderately since trading opened.

By Irina Slav for Oilprice.com

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