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Surprise Crude Build reverses previous gains on oil prices



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

The inventory built this week compares to last week's pull of 3.4 million barrels according to API data. A day later, EIA opposed the API report and estimated that there was a stock build-up instead – at 2.4 million barrels.

Following today's inventory, this year's net draw is 4.53 million barrels for the 33-week reporting period so far, with API data.

Oil prices began to rise on the Tuesday before the data release as the market split again after reaching low 2019 last week as the prospects for demand growth dimmed the wake of the ongoing trade dispute between China and the US.

At 10:54 AM EST, WTI traded $ 1.8 (+ 3.33%) to $ 56,760 – about $ 3 up from last week's price. Brent traded up $ 2.08 (+ 3.55%) to $ 60.65 – less profits from last week than seen in WTI, but still $ 1.50 up this week.

The API this week reported an increase of 3.7 million barrels in gasoline inventory for the week ending August 8. Analysts predicted a move in gasoline inventories of 810,000 barrels for the week.

Distillate inventories fell by 1.3 million barrels for the week, while inventory at Cushing fell by 2.5 million barrels.

US crude oil production, estimated by the Energy Information Administration, showed that production for the week ending August 1 recovered to 12.3 million bpd, just 100,000 bpd from the all time high of 12.4 million bpd.

The US Energy Information Administration Report on Crude Oil Lists will be released at its regular time on Wednesday at 10:30 am. EST.

At 16:43 EST, WTI had begun to slide, but still traded the day at $ 56.94 while Brent also traded up to $ 61.15.

By Julianne Geiger for Oilprice.com

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