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Oil prices remained steady Wednesday morning after the Energy Information Administration announced today a draw of 2.7 million barrels of crude oil stocks.
Analysts were expecting a draw. After yesterday, API had also announced lower stocks and much lower than expected. The Institute forecast a decline of 3.45 million barrels compared to a draw of 1.889 million barrels.
The last digit of the EIA compared to the inventories built for each of the last two weeks. Last week, authorities announced an increase of 1.6 million barrels and the previous week an increase of 2.4 million barrels.
Last week, the EIA also announced that gasoline inventories had increased by 300,000 barrels, compared with a drop of 1.4 million barrels for the previous week. In the distillate fuels, the EIA has announced a larger increase of 2.6 million barrels last week, compared with a fall of 1.9 million barrels a week earlier.
In terms of fuel production, the authority has announced average daily rates of 9.9 million barrels for gasoline and 5.3 million barrels for distillates. A week earlier, refineries produced 10.2 million bpd of gasoline and 5.1 million bpd of distillates.
Prices have been trending higher in recent days due to positive signals regarding the US-China trade dispute, as well as reports of a Houthi drone attack on an oil field. and Saudi gas.
Despite Riyadh's official statements indicating that the attack had not caused any serious and lasting damage, prices reacted by leaping. This jump could create problems for US oil exporters, according to a Schneider Electric commodity analyst who spoke with MarketWatch.
However, as the price of WTI in relation to Brent decreases, US exports could be put to the test, leaving more of the supply absorbed by a US refining sector approaching the end of the season. high demand, "said Robbie Fraser.
At the time of writing, Brent crude traded at $ 61.09 per barrel and West Texas Intermediate at $ 56.73 per barrel.
By Irina Slav for Oilprice.com
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