Fundamentally, a tight physical market is the key driver in oil’s bull run, combined with strong demand in Asia and rising tensions in the Middle East. WTI crude is at $67.69; Brent is at $73.17 this morning.
Since starting supply cuts, crude inventories have declined to long-term average levels. The U.S. Energy Information Administration said on Wednesday that commercial crude stocks fell by 1.1 million barrels the week of April 13 to 427.57 million barrels, close to the five-year average level of around 420 million barrels. WTI crude is $68.77; Brent is $73.93 this morning.
Analysts expect the U.S. Energy Information Administration to report a rise for the week of 625,000 barrels of crude stockpiles, along with supply declines of 1.9 million barrels for gasoline and 1.6 million for distillates. WTI crude is $67.11; Brent is $72.10 this morning.
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