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Crude Oil Extends Rally as API Reports About Decline of US Inventories

April 18, 2018 at 10:02 by Vladimir Vyun

Crude oil extended its rally today after the report of a decline of US inventories. The American Petroleum Institute reported that US stockpiles of crude declined by 1.05 million barrels last week. Reserves at the major storage hub in Cushing, Oklahoma, also fell by 1.0 million barrels.

Now, traders wait for the government report from the Energy Information Administration. Analysts predicted that the official data will also show a drop of inventories.

Outside of the United States, oil prices continued to receive support from tension in Middle East, possible supply disruption due to unrest in Venezuela, and prospects for the Organization of Petroleum Exporting Countries to maintain its production limits.

Futures for delivery of WTI crude oil in May advanced 0.86% to $67.09 per barrel as of 9:51 GMT on NYMEX today. June Brent crude gained 0.75% to $72.12 per barrel on ICE.

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