The crude oil price was brushed off by the Energy Information Administration's income report today, which saw a 7 million barrels constructed in crude oil inventories for the week of April 5.
The authority also reported a reduction of gasoline stocks a day After the American Petroleum Institute had estimated, they had fallen by 7.1 million barrels. The EIA confirmed a draw of 7.7 million barrels.
The week before, crude oil inventories had added 7.2 million barrels, while petrol stocks shed 1.8 million barrels.
In production, MLA reported average processing speeds of 16.1 million barrels daily, compared to 15.8 million bpd a week earlier. Refiners knocked out 1
The agency also reported imports during the period an average of 6.6 million bpd with a four-week average of 6.7 million barrels daily.
The latest oil price ramp has recently received extra fuel from armed clashes between rival political factions in Libya, which could jeopardize crude oil production if they spread to the oil cross. This has once again highlighted the effect of any spike in geopolitical risk on oil prices, regardless of the basics.
At the same time, the crisis in Venezuela continues, and Asian refineries suspend their imports of Iranian oil before the expiry of sanctions. Tailwinds are strong.
The only bearish factor for prices in recent days was a signal from Moscow that Russia could refuse to expand its production cuts as it agreed to implement in partnership with OPEC beyond their first June.
The News even managed to reverse climb in oil standards earlier this week, but later Brent and West Texas Intermediate resumed.
At the time of writing, Brent crude traded at USD 70.95 per barrel and West Texas Intermediate changed hands for $ 64.23 per barrel. Both were up from the opening prices this morning.
By Irina Slav for Oilprice.com
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