Oil turns higher ahead of EIA weekly report
Oil prices turned higher as the US market opened on Wednesday, extending gains for the second straight day, after preliminary data showed a drop in the US crude inventories, ahead of the release of the EIA weekly report.
US crude rose 1.3% to $ 60.02 a barrel, after opening at $59.22, and hit a low at $58.81, and Brent crude rose 1.5% to $63.52 a barrel, after opening at $62.58, and hit a low of $62.24.
US crude gained 0.7% yesterday, within recovery attempts from a 2-week low of $57.65, and Brent crude futures rose 0.75%, after hitting the lowest since March 25 at $61.28.
The American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories fell 2.6 million barrels during the week ending April 2, beating forecasts of a drop by 0.7 million barrels.
While the US Energy Information Administration's official data will be released later today, amid forecasts for inventories to drop by 2 million barrels.
The US production rose 100K barrels last week, with a total at the highest level of since the week ending November 27 at 11.1 million barrels per day.
| Symbol | Last | Change | Chg.% | ||
|---|---|---|---|---|---|
|
|
|
1.1977
|
0.0066
|
0.5579%
|
|
|
|
|
1.3783
|
0.0035
|
0.2560%
|
|
|
|
Tadawul
|
9847.62
|
27.59
|
0.28%
|
|
|
|
|
25.419
|
0.324
|
1.289%
|
|
|
|
|
62.896
|
2.506
|
4.150%
|
|
|
|
|
66.41
|
2.75
|
4.32%
|
|
|
|
|
1736.710
|
-0.225
|
0.013%
|
|
