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Oil Recovers Some Lost Ground Ahead of U.S. Inventory Data Release

Commodities1 hour ago (Apr 06, 2021 03:54PM ET)

(C) Reuters.

By Barani Krishnan

Investing.com – Oil prices rose by about 1% on Tuesday, recovering about a quarter of what they lost in the previous session, as the trade awaited the release of weekly inventory data on U.S. petroleum supply-demand.

New York-traded West Texas Intermediate, the benchmark for U.S. crude, settled up 68 cents, or 1.2%, at $59.33 per barrel. WTI lost 4.6% on Monday, after hurtling to a two-week low of $57.63.

London-traded Brent, the global benchmark for crude, settled up 59 cents, or 1%, at $62.74. Brent lost 4.2% in the previous session.

The American Petroleum Institute, or API, is scheduled to release at 4:30 PM ET (20:30 GMT) a snapshot of what last week’s inventory level for crude and petroleum might have been.

The API snapshot comes before Wednesday’s official report from the U.S. Energy Information Administration on supply-demand of petroleum products for the week ended April 1.

According to a consensus of analysts tracked by Investing.com, U.S. crude crude stockpiles likely fell by 1.44 million barrels during the week ended April 1, versus the drop of 876,000 barrels noted in the previous week to March 26.

Gasoline inventories likely declined by 221,000 barrels versus the drop of 1.74 million in the prior week, consensus shows.

And stockpiles of distillates, made up of diesel and heating oil, likely expanded by 486,000 barrels last week after building by 2.54 million barrels a week earlier.

Oil Recovers Some Lost Ground Ahead of U.S. Inventory Data Release

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