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Oil Prices Edge Higher Ahead of US Stockpiles Data

imageCommodities52 minutes ago (Apr 13, 2021 04:09PM ET)

(C) Reuters.

Investing.com – Oil prices rose on Tuesday 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 48 cents, or 0.8%, at $59.64 per barrel.

London-traded Brent, the global benchmark for crude, settled up 39 cents, or 0.6%, at $63.67.

The American Petroleum Institute, or API, is scheduled to release at 4:30 PM ET (20:30 GMT) will provide 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 9.

According to a consensus of analysts tracked by Investing.com, U.S. crude crude stockpiles likely fell by 2.9 million barrels during the week ended April 9, versus the drop of 3.5 million barrels noted in the previous week to April 2.

Gasoline inventories likely rose by 768,000 barrels versus the rise of 4.04 million in the prior week, consensus shows.

And stockpiles of distillates, made up of diesel and heating oil, likely expanded by 971,000 barrels last week after building by 1.45 million barrels a week earlier.

Oil Prices Edge Higher Ahead of US Stockpiles Data

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