However, the values turned around with the passing of the hours. Investors began to put more weight on the fact that the EIA published that US crude stocks rose by 2.4 million barrels in the week ended April 1, to 412.4 million barrels, when analysts had expected a drop of more than 2 million barrels.
Crude inventories at the Cushing, Oklahoma delivery hub totaled 1.7 million barrels in the latest week, according to EIA.
At the same time, crude oil refining grew by 35,000 barrels per day in the last week, gasoline inventories in the United States fell by 2 million barrels, and distillate inventories, which include diesel and heating oil, rose by 771,000 barrels. in the week.
Likewise, net imports of crude oil from the United States fell last week by 664,000 barrels per day, according to data in the report.
Added to this increase in inventories in the US is a prolonged confinement in Shanghai, which generates fears about the future of oil demand, putting downward pressure on prices.
Source: Ambito
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