The rise in oil prices unfortunately stopped after an unexpected increase in US crude oil supply weakened market expectations of a recovery in demand.
Despite the closure of factories and the cessation of oil production in Texas due to extreme cold weather last week, U.S. crude oil inventories reported a steady increase.
According to estimates released by the American Petroleum Institute (API), crude oil supply increased by 1.026 million barrels last week after a 5.8 million barrel drop in the previous week.
This increase is certainly not expected by markets that expect a significant decline in US oil stocks due to events that took place last week.
In the Asian session, US WTI crude futures fell 56 sen to $ 61.11 a barrel, while Brent crude fell 39 sen to $ 64.10 a barrel.
Official data to be released tonight by the U.S. Energy Information Administration (EIA) will be the market’s main focus to get confirmation that crude oil inventories increased last week.
