Oil Prices Drop Despite Significant Inventory Drawdown
TL;DR Summary
Despite a 4.6 million barrel draw in crude oil inventories reported by the US Energy Information Administration, oil prices fell due to concerns about potential rate hikes in the US that could dampen demand for oil. However, strong GDP growth and oil refining data from China helped stabilize crude oil prices at around $84-85 per barrel for Brent and $80-81 for West Texas Intermediate. Gasoline inventories added 1.3 million barrels during the week ending April 14, while middle distillates saw a decline of 0.4 million barrels.
Topics:business#china#crude-inventory#energy#gasoline-inventories#oil-prices#us-energy-information-administration
- Oil Prices Fall Despite Crude Inventory Draw OilPrice.com
- U.S. crude settles below $80 despite largest oil draw in 3 weeks By Investing.com Investing.com
- Crude inventory decreased by 4.6M barrels for week ended April 14 - EIA Seeking Alpha
- Opinion: Oil prices stall as short-covering rally is completed, ET EnergyWorld ETEnergyWorld
- Prices Rally As Crude Oil, Products Draw Down OilPrice.com
- View Full Coverage on Google News
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