December 29, 2021

This Is What Happens To The Oil Market After The API Data Is Released

 The strengthening of black commodity trading continued on Wednesday after gaining support from data showing demand for crude oil in the United States continued to rise.

In the Asian session, US WTI crude futures traded steady at around $ 75.80 a barrel, slightly down from the $ 76 level it reached in the previous session.

Meanwhile, Brent crude traded up at $ 78.90 a barrel, a one -month high.

The American Petroleum Institute (API) reported U.S. crude oil inventories reportedly fell by 3.1 million barrels last week, though slightly off track from expectations for a decline of around 3.2 million barrels.

According to another report from API, petrol stocks were reported to have increased by 319,000 barrels, while distillery inventories were down 716,000 barrels last week.

This indicates continued crude oil demand in the US despite the latest threat from the Omicron variant.

Investors are now looking forward to the OPEC+ meeting on January 4, at which the association will decide whether to proceed with the planned production increase of 400,000 barrels a day in February.