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Crude oil prices tended to fall after the Energy Information Administration announced a weekly increase in its inventories, with a considerable volume of 6.8 million barrels. This compares to a draw of 4 million barrels for the previous week.
A day earlier, the American Petroleum Institute estimated that inventories rose by 3.545 million barrels last week, as gasoline inventories also rose. The report contributed to a drag already present on lower prices.
EIA said crude oil inventories were 5% above the seasonal average, at 483.3 million barrels.
In the gasoline sector, the authorities announced that they had built 3.2 million barrels for the week prior to May 31. This compares with a drop of 600,000 barrels a week earlier. Gasoline production averaged 10 million bpd last week, compared with 10.1 million bpd a week earlier.
Regarding distillate fuels, the EIA also announced a stock buildup of 4.6 million barrels last week, compared with a minor draw of 200,000 barrels a week earlier. Refineries produced 5.4 million bpd of distillates last week, up from 5.1 million bpd a week earlier.
EIA figures for crude oil will hardly reduce prices, while the concern over the global trade war on the global economy intensifies. Earlier this week, Deutsche Bank said in a note to its customers that Washington's price hike has so far cost the US financial market about $ 5 trillion worth of appreciation opportunities for lost shares. According to the bank, the average annual growth rate of the stock since 2009 has been 12.5%, but in the last 12 months it has fallen to less than 1%, mainly because of the US-led trade war. United and China.
In addition to this concern, Rosneft's Igor Sechin openly declared openly against an extension of production cuts in the second half of the year and said that Rosneft would seek compensation from the Kremlin if he decided to stay in the contract.
At the time of writing, West Texas Intermediate traded at $ 52.62 a barrel and Brent at $ 61.35 a barrel.
By Irina Slav for Oilprice.com
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