Thursday, 13 May 2021 12:29 GMT

Drop witnessed in U.S. crude oil stockpiles in past week

( MENAFN ) A steep drop of 7.7 million barrels of crude oil in the U.S. crude oil stockpiles was registered for the week concluding April 30, said the American Petroleum Institute (API) on Tuesday, May. 4.

The U.S. Energy Information Administration (EIA) announced a climb of 100,000 barrels of crude oil stockpiles for the prior week concluding April 23 whereas API announced a climb of 4.319 million barrels.

Oil prices increased gains on Tuesday as traders stayed hopeful regarding solid demand rebound amidst alleviating coronavirus constraints in the United States and Europe.

Brent crude for delivery of July rose USD1.32, or 1.95 percent, to settle at USD68.88 per barrel on the London ICE Futures Exchange. The West Texas Intermediate (WTI) for delivery of June gained USD1.20, or 1.86 percent, to close at USD65.69 per barrel on the New York Mercantile Exchange.

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