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Surprise Crude Build reverses earlier oil price gains



The American Petroleum Institute (API) has estimated a surprising crude oil inventory of 3.7 million barrels for the week ending August 8, compared to analyst expectations for a draw of 2,761 million barrels.

This week's stock is comparable According to API data, the draw last week was 3.4 million barrels. One day later, the EIA disagreed with the API report, estimating that 2.4 million barrels had been built instead.

Based on today's inventory, net withdrawal for the year is 4.53 million barrels for 33-week reporting Previously, using API data.

Oil prices rose on Tuesday ahead of data release as the market rallied after the 2019 low last week, as prospects for demand slackened as a result of ongoing trade disputes between China and China the United States.

At 10:54 EST, WTI rose $ 1.8 (+ 3.33%) to $ 56.760 – approximately $ 3 from last week's price. Brent was trading at $ 60.65, up $ 2.05 (+ 3.55%), a lower gain than last week at WTI, but still $ 1.50 higher than the week.

The API reported a 3.7 million barrel increase in gasoline for the week to 8th August this week. Analysts predicted a decline in gasoline inventories by 810,000 barrels a week, while stocks in Cushing fell by 2.5 million barrels.

The estimated US crude oil production by the Energy Information Administration showed that production fell to 12.3 million bpd in the week ending August 1, just 100,000 bpd from the previous record high of 12.4 million bpd.

The US Energy Information Administration's report on crude oil inventories is expected to be released on Wednesday at 10:30 am on its regular basis. EST.

At 16:43 EST, WTI began to slip, but still traded at $ 56.94 a day, while Brent also traded at $ 61.15.

By Julianne Geiger for Oilprice.com

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