Api Reports Large Decline In Oil Stocks

Oil Prices Rise after Inventory Draw

API Reports Large Decline in Oil Stocks

Oil prices rebounded on Wednesday after data from the American Petroleum Institute (API) showed a significant decline in crude oil inventories last week. According to the API's figures, oil stocks fell by 521 million barrels, beating analysts' expectations of a 3.6 million barrel draw.

Global Supply Concerns Support Prices

The API's data helped to alleviate concerns about a potential oversupply of oil in the market. Global crude supply disruptions, such as the ongoing unrest in Libya, have raised concerns about the availability of supply and supported oil prices.

Volatile Trading amid Economic Uncertainty

However, oil prices faced some pressure on Thursday amid concerns about slowing economic growth and demand for energy. A large build in U.S. gasoline stocks weighed on prices, as well as uncertainty surrounding the impact of the ongoing trade war between the U.S. and China.

Outlook Remains Uncertain

The outlook for oil prices remains uncertain as traders weigh concerns about supply disruptions against potential headwinds from the global economy. Analysts will be closely monitoring upcoming data on U.S. crude inventories from the Energy Information Administration (EIA) for further signals on the state of the market.