The API (American Petroleum Institute) reported a draw in gasoline inventories for the week ending February 22 in the amount of 3.8 million barrels. Analysts had estimated a draw in gasoline inventories of 1.686 million barrels for the week. WTI Crude is $56.54; Brent is $66.10 this morning.
Oil is up about 20 percent since the start of the year, when OPEC and non-member producers, such as Russia, began cutting production in an effort to reduce a global glut. WTI Crude is $55.31; Brent is $65.01 this morning.
OPEC and its allies, including Russia, agreed in December to cut oil production steeply under a global supply deal to prevent a glut this year. WTI Crude is $57.43; Brent is $67.13 this morning.
U.S. crude output has soared by almost 2.5 million bpd since the start of 2018 and by a whopping 5 million bpd since 2013. America is the only country to ever reach 12 million bpd of production. WTI Crude is $57.43; Brent is $67.38 this morning.
The main factor keeping oil prices from rising even further is soaring U.S. output. Growing to a record 11.9 million bpd last year resulted in U.S. stocks rising by 1.3 million barrels to 448.5 million barrels weekly according to the American Petroleum Institute on Wednesday. WTI Crude is $57.40; Brent is $67.17 this morning.
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