The latest data of the American Petroleum Institute (API) showed that in the week ended April 14, crude oil inventories fell by 0.84 million barrels. This is the third consecutive fall in stocks after a decline of 1.30 million barrels in the previous week, but only the fifth reduction of stocks over the past 14 weeks.
The median forecast of economists anticipated increase in reserves of about 1.5 million barrels.
Distillate stocks were reduced to 1.8 million barrels after reduction at 1.6 million barrels in the previous reporting period.
Gasoline stockpiles, however, rose by 1.4 million barrels after the last week fell by 3.7 million barrels.
In Cushing, Oklahoma, registered a drop of stocks by 0.67 million barrels. It was the second fall since the beginning of March.
Among traders remain optimistic about the fact that surplus stocks will decline over the next few months, but the situation is complicated by the increase in US production. In this context, the steady decline in US inventories will be important to maintain the mood.
EIA report on Wednesday will be very important, especially given the fact that the US shale oil production continues to grow. Sentiment of traders will be significantly undermined if it is informed of any increase in stocks to new record levels.
Based on materials WELTRADE
