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Oil firmer on API draw

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    We have seen a spike in the price of oil due to the surprise draw in inventories as presented by the American Petroleum Institute (API) data.

    American Petroleum Institute (API) crude oil inventory offered an oil inventory drawdown of 4.3 mln barrels while Cushing's build was 620K barrels, the gasoline was a draw of 116K bbls and distillate was a build of 2.7mln bbls.

    This comes before tomorrow's EIA data and underpins the recovery from yesterday's sell-off from $37.00bbls as the price of oil rallies $0.80c.

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