Crude oil stands still as traders weigh latest inventory build
On Thursday, crude oil prices managed to grab small gains, because traders took into consideration American inventory data, which revealed another record high.
In New York sweet, light crude futures for April delivery reached $32.25 a barrel, a $0.10 increase, while in London April Brent crude futures exchange hit $34.59, a $0.19 leap.
Oil prices leapt overnight after American crude inventory unveiled a smaller-than-expected build by surging 3.5 million barrels in the week ended on February 19. The build appeared to be smaller than the 7.1 million-barrel soar estimated by industry group American Petroleum Institute.
Gasoline shares also demonstrated a surprise slump of 22 million barrels, thus pointing out to stronger demand.
By the way, at 507.6 million barrels, the latest leap pushed total domestic crude inventory to another weekly maximum. Then, in monthly data, that does not line up precisely with weekly data, inventories last surpassed 500 million barrels in 1930.
The market definitely lacks drivers, so American crude oil inventory still appears to be the number one thing market participants look at. As for the latest figure, it clearly shows that the world oversupply isn’t fading away.