EIA Takes Markets By Surprise, Reports Major Crude Oil Inventory Draw

Amid growing pessimism regarding an extension of OPEC’s oil production deal, and a day after the American Petroleum Institute reported an estimated increase of 897,000 barrels in U.S. commercial inventories, the EIA reversed the mood with a draw of 3.6 million barrels for the week to April 21. Analysts had expected a respite for oil prices with a decline in inventories of 1.6 million barrels and though they were out of luck with API, EIA exceeded the expectations. The EIA reported that crude inventories stood at 528.7 million barrels at the…

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