RE:API inventoryYup. Biden is working overtime. ;-)
WTI crude oil futures fluctuated around $71.4 per barrel on Wednesday, attempting to extend gains from the previous session as markets continued to assess China’s economic interventions. On Tuesday, China’s central bank announced its largest stimulus in four years to revitalize the economy and meet growth targets, improving the demand outlook from the world’s top oil importer. In the meantime, concerns are rising over supply disruptions in the Middle East as risks of a broader conflict increase with escalating violence. Supply concerns also grew as US Gulf oil producers evacuated rigs and halted production due to a strong hurricane threat, the second in two weeks. Additionally, API data showed that US crude stocks fell by 4.339 million barrels last week, the largest draw since early August and far exceeding market expectations of a 1.1 million barrel decrease.
GLTA