On Wednesday, crude oil prices inch higher following the outlook on US fuel and crude stockpiles which signs a tightening market.
Futures in New York jump by 0.4% to trade close to USD72/barrel following the slip on the previous session. The prompt time spread for Brent is 95 cents/barrel in backwardation, compares with 60 cents a week earlier.
According to some sources familiar with the figures, the American Petroleum Institute (API) said that the US gasoline stocks plunged by 6.23 million barrels last week. If confirmed by government data, it would be the biggest motor fuel stock draw since March.
Crude inventories in the US dropped by 4.73 million barrels last week, added API. If confirmed by the Energy Information Administration (EIA), it would be the ninth draw in 10 weeks.
On a Bloomberg survey, stockpiles are estimated to fall by 2.5 million barrels.
Amid the renewing movement limitation policies around the globe, the outlook on global inventories is bright. Stocks are seen to tighten for the remainder of the year as key energy consumers continue to rebound from the pandemic, but prices are set for only the second monthly loss since October.
