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Oil Rises On Bullish API Inventory Report

The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 439,000 barrels for the week ending May 21.

Analysts had predicted a draw of 1.050 million barrels for the week.

In the previous week, the API reported a modest build in oil inventories of 620,000 barrels after analysts had predicted a larger build of 1.680 million barrels. Since the start of 2020, crude oil inventories have grown by more than 50 million barrels, according to API data.

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Oil prices started off the day trading slightly down but returned to the previous day’s levels by 10:30 EST as both bearish and bullish signals were keeping prices from moving too much. At that time, WTI was trading up $0.10 (+0.15%) at $66.15 were trading down on the day prior to the data release. Brent crude was trading up $0.09 per barrel (+0.13%) at $68.55 per barrel. WTI is up about $1 week over week, with Brent up just $0.15 on the week.  

While crude oil inventories fell again this week, U.S. oil production came in again for the second week in a row at 11 million bpd on average for the week ending May 14, according to the latest data from the Energy Information Administration.

The API reported a draw in gasoline inventories of 1.986 million barrels for the week ending May 21—compared to the previous week's 2.837-million-barrel draw. Analysts had expected a 775,000 barrel draw for the week.

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Distillate stocks saw a decrease in inventories this week of 5.137 million barrels for the week, after last week's 2.581-million-barrel decrease.

Cushing inventories fell this week by 1.153 million barrels.

Post data release, at 4:34 p.m. EDT, the WTI benchmark was trading at $65.83 while Brent crude was trading at $68.44 per barrel.

By Julianne Geiger for Oilprice.com

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