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Oil prices under pressure from large gasoline builds.

The American Petroleum Institute (API) on Tuesday reported 2.618 million barrels of oil remaining for the week ended April 2.

Analysts had forecast to pull less than 1.436 million barrels this week.

Last week, API reported 3.910 million barrels of oil inventories, after analysts had predicted much less to build 107,000 barrels.

All american plains The main Cushing tanks areg As of April 2

After Monday’s trade, oil prices traded higher the day before the release as fears in markets calmed about additional supplies that could be brought to the market if negotiations on a nuclear deal. Iran ended with lifting US sanctions.

At 4:02 p.m. EDT WTI was trading at $ 59.40, or 1.28% higher that day.Brent crude traded higher at $ 62.79 a barrel, or 1.03% higher today.

As U.S. oil stocks shrank, U.S. oil production rose slightly to 11.1 million bpd in the week ended March 26, according to the latest data from the Energy Information Administration. It was the second increase in several weeks.

The API reported 4.553 million barrels of gasoline for the week ended April 2, after the previous week pulled 6.012 million barrels last week. Analysts are expected to pull 221,000 barrels this week.

Refining stocks rose this week at 2.810 million bpd, after a 2.595 million bpd higher last week.

Cushing’s inventory numbers were down 84,000 barrels.

The information posted at 4:34 p.m. EDT, the WTI benchmark is trading at $ 59.45 – $ 1, embarrassed by last week’s level. Brent crude was trading at $ 62.83 a barrel.

By Julianne Geiger for Oilprice.com

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