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U.S. crude oil imports averaged over 8.9 million barrels per day

Crude Oil Stocks Decline U.S. commercial crude oil inventories decreased by 3.6 million barrels from the previous week.
The API estimated that crude oil inventories increased by 897,000 barrels compared to analyst expectations that markets would see a crude oil draw of 1.6 million barrels.
Crude oil prices whipsawed on Wednesday, first dropping and then climbing, following the larger than expected draw in crude oil inventories and the larger than expected build in heating oil, and gasoline inventories reported by the Department of Energy.
Refiners where drawing down crude and generating products which created a large draw in crude oil and an even larger build in products.
U.S. crude oil imports averaged over 8.9 million barrels per day last week, up by 1.1 million barrels per day from the previous week.

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World Bank Maintains Oil Price Forecast At $55

 Oil Price

In its latest Commodity Markets Outlook, the World Bank maintained its Q1 forecast for oil prices at $55 a barrel, saying, however, that overall energy prices will increase 26 percent in 2017.
In that, the institution differs from some energy analysts who are markedly bearish on oil prices.
Based on this optimism, the World Bank expects crude prices to reach $60 a barrel next year – the price level that Middle Eastern producers would like to see sooner rather than later.
Related: Iceland Geothermal Project Completes Deep Drilling In VolcanoIn the first quarter, the World Bank noted that overall energy prices increased by 6 percent, largely on the back of improving oil prices, which added 8 percent in the period.
The WB is overall optimistic for oil, expecting supply to tighten in the current quarter as OPEC and non-OPEC production cuts start to affect global supply.

 

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Crude Oil Price Analysis for April 28, 2017

Crude Oil Price

Oil prices traded under pressure on Thursday despite Wednesday’s surprise draw reported by the Energy Information Administration.
In that, the institution differs from some energy analysts who are markedly bearish on oil prices.
Durable Goods Rose More than ExpectedU.S. durable goods orders rose 0.7% in March after a 2.3% increase in February which was revised from 1.8% and a 2.4% January surge.
Nondefense capital goods orders excluding aircraft rose 0.2% from 0.1% in February which was revised from -0.1% and 0.2% in January which was revised from 0.1%.
Libya’s production is coming back on line which weighed on prices, as the bullish case for oil continues to ease.

 

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