The oil prices managed to creep higher on today’s market after new figures surprise the market. The American Petroleum Institute recently unveiled their overwhelming oil inventory figures from last month.
The API’s figure reports for the month of March managed to shock the market, creating a great positive ripple on oil prices. The institute reports a massive decrease in crude-oil inventories from the last week of last March.
According to their reports, the oil inventories managed to drop by a whopping 3.3 million barrels on the last week of the month. The amazing turnaround was clearly unexpected, and the market acted positively towards the commodity.
Moreover, the market also expected a massive downfall on the latest updates due to the growing concerns about another oil glut. The commodity was seen tallying sharp declines this week as investors continue to believe that a massive storage outbreak is looming.
On the other hand, the API also managed to report the gasoline figures from the previous week. The gasoline inventories managed to report a total of 1.1 million barrel rise in the previous week.
Meanwhile, further price rallies and bullish run are shortly apprehended despite the positive API figures. Investors continue to dispel the institute’s positive data as they press their concern towards the weekly information from the Energy Information Administration.
The majority of the market and investors continue to wait for the EIA reports and are expecting another hefty increase in oil inventories. The weekly inventories data are looking to be released today, Wednesday, and great price movements are expected.
Oil prices were positive all across the board, although the bullish run was abruptly apprehended by investors and the market. The Bret crude futures managed to tally a positive price increase by a total of 48 cents, or 0.7%, at $68.12 a barrel.
The Brent is hovering relatively close to the $70 per barrel price and it may or may not hit the lucrative price point after the EIA’s report. It managed to post a $71 a barrel price last week but was quickly dragged due to the oil glut reports.
The West Texas Intermediate or the WTI was also trading higher than expected today. The WTI’s futures managed to increase by a total of 50 cents, or 0.8%, steadying at $63.51 a barrel.
The relatively stronger dollar is also a major catalyst that continues to apprehend oil price surge. The greenback continues to claw its way back in the market after having a soft performance since the year started.
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