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Crude Oil Declines Despite Bullish EIA Report

April 17, 2019 at 21:10 by Vladimir Vyun

Futures for crude oil declined today despite seemingly bullish supply report from the US Energy Information Administration. The official data from the EIA revealed that US inventories of crude declined by 1.4 million barrels to 455.2 million barrels versus the forecast increase by 1.6 million barrels. Market analysts speculated that traders were counting on a bigger decline after the private report from the American Petroleum Institute that showed a drawdown by about 3 million barrels.

Among positive factors for the commodity was economic data in China — one of the biggest consumers of oil. China’s economic growth remained steady at 6.4% in the first three months of this year, while forecasters had predicted a small slowdown to 6.3%.

Contract for delivery of WTI crude oil in May declined 0.48% to $63.74 per barrel as of 20:51 GMT on NYMEX today. June futures for Brent crude slipped 0.17% to $71.6 per barrel on ICE.

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