The import of US crude oil declined by 343,000 BPD, an average of 5.5 million BPD. In the last four weeks, the import of American crude oil was 5.8 million BPD on an average.
The Strategic Petroleum Reserve rose from 395.3 million barrels to 395.6 million barrels as the US resumed the purchase of oil for strategic reserves.
Domestic oil production increased from 13.508 million BPD to 13.575 million BPD. The important question is whether the beginning of the new trend in growing domestic production has highlighted, which can push domestic oil production towards 14.0 million BPD levels. In this scenario, the oil markets can find themselves under more pressure.
The WTI oil went over as the traders reacted to the EIA report. The traders focused on falling gasoline inventions and ignored the growing domestic oil production. Currently, WTI oil is trying to settle above the level of $ 67.50.
After releasing the EIA report, Brent Oil went above the level of $ 70.50.
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