Oil reserves continued to decline in U. S.-API
2022.12.29 01:12
Oil reserves continued to decline in U. S.-API
Budrigannews.com – The API reported on Wednesday that U.S. crude stockpiles fell for a second week in a row. This comes at a time when many people are becoming more concerned about the outlook for demand as a rise in COVID-19 cases in China occurs.
, the benchmark for the United States, dropped 57 cents to $78.96 a barrel following the report.
decreased by 1.3 million barrels over the week that ended on December 23. This was in contrast to the API’s report of a draw of 3.069 million barrels for the previous week.
As China, the world’s largest crude importer, is expected to see an increase in COVID infections, economic activity, travel, and ultimately demand will be impacted by the inventory draw.
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However, the API data also revealed an increase of 510,000 barrels in gasoline stocks and 388,000 barrels in distillate stocks last week.
The weekly U.S. decline is anticipated to be approximately 1.52 million barrels in the official government inventory report that is due on Thursday.
