The API - American Petroleum Institute reported Tuesday that U.S. crude stockpiles rose by 3.23 million barrels for the week ended January 26. WTI Crude is $64.01; Brent is $68.45 this morning.
Oil market observers will look for the U.S. Energy Information Administration report Wednesday on crude output and supplies, as well as the turmoil in Venezuela as the greatest current risk for a major supply interruption. WTI Crude is $64.80; Brent is $69.07 this morning .
Oil output is expected to break 10 million bpd soon. U.S. energy companies added 12 oil rigs while drilling for new production last week. WTI Crude is $65.79; Brent is $69.89 this morning.
Some analysts say the global economy is in a growth mode - lending strong support to oil price momentum - and that short-term forecasts for the top consumers of crude oil are all bullish. WTI Crude is $65.65; Brent is $70.50 this morning.
The U.S. Energy Information Administration reported Wed. that U.S. crude supplies fell 1.1 million barrels for the week ending Jan. 19. The data also showed total domestic crude production climbed by 128,000 barrels a day to 9.878 million barrels a day. WTI Crude is $66.26; Brent is $71.01 this morning.
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