The U.S. Petroleum Institute (API) on Tuesday reported an increase in crude oil inventories of 806,000 barrels for the week ending July 16, bringing the total crude oil extraction by 2021 using API data to less than 50 million barrels.
Analysts had expected a loss of 4.333 million barrels a week.
Last week, the API reported consuming oil reserves of 4,079 million barrels, which is largely in line with analysts ’forecasts for pumping 4,333 million barrels.
The price of a barrel of WTI has risen by more than 50% so far this year, but slipped on Monday when OPEC + agreed to increase production by 400,000 bpd a day, while fears that a growing version of Delta coronavirus threatens the chances oil demand.
Oil prices returned 1.4 percent on Tuesday afternoon at the time of the data release, after falling nearly 7 percent on Monday.
WTI rose 1.36% per day on the release of data on the publication of data on the publication of data on the publication of data on the publication of data on the publication of data on the publication of data at 15:06 EST per day, which is almost $ 8 lower than last week. Brent crude also traded 1.36% daily on the day of $ 69.55.
While crude oil inventories continue to decline, U.S. oil production, with shale producers continuing to ease previous restrictions, has increased by 100,000 bpd to an average of 11.4 million bdd in the week ended 9 July. from the Energy Information Administration.
This is the highest level of production in one year.
API reported an increase in gasoline inventories for 3.307 million barrels for the week ending July 16 – compared to 1.545 million barrels last week.
Distillate stocks declined this week 1.255 million barrels for the week to counter the increase of 3.699 million barrels last week.
The decline in inventories fell by this week 3,567 th most common million barrels compared to 1.585 million barrels last week.
Julianne Geiger for Oilprice.com
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