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On September 11, Crude oil prices continued to decline for the second consecutive week, as the demand of gasoline decreased.

According to the reports of American Petroleum Institute announced a 2.032 million-barrel build in, on September 10.

Whilst the American Petroleum Institute (API), the crude oil inventories reported a 2.970 million barrels build in. This happened on Tuesday, a week after September 4.

Moreover, the analysts have forecasted an inventory draw of 1.335-million barrels!

surprice crude oil
Source: Oil prices

However, in the past week, the crude oil inventories were at 6.360 million barrels according to the reports of API. This was against the analyst’s predicted draw of 1.887 million barrels.

Prior to API’S data release, oil prices were on trade on Tuesday afternoon. However, the rising prices only came about after the harsh trading one day before. This was when the oil prices fell its lowest since June.

One year ago, the situation was different though;

Crude Oil data as per release –

A half-hour prior to the data release, at 4:00 pm EDT, the index recorded is stated further.

WTI rose by $1.32 (+3.59%) to $38.08. At the same time, WTI still traded nearly $5 per barrel under the previous week’s levels. The Brent crude target rose by $0.97 at 4:00 pm to $40.75. This was also almost $5 per barrel under the previous week’s levels.

The United States faced a prominent fall in its oil production for the last week in August. This is still down from a record high of 13.1 million bpd on March 13. According to the Energy Information Administration, US oil production at present is at 9.7 million bpd of August 28.

According to the reports of API, a large draw in gasoline inventories was seen 6.892 million barrels. This was recorded the week ending August 28. compared 5.761-million-barrel draw of last week. Analysts had however predicted a much smaller 2.384-million-barrel draw for the week.

Distillate inventories were at 2.293 million barrels for this week. This was higher than the last week’s 1.424-million-barrel draw. On the other hand, the Cushing inventory boosted by 2.608 million barrels.

Also read: Oil Prices And The United States Economy Amid COVID-19!

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