DTN Oil Update
Oil Futures Rise, US Dollar Weakens on Tariffs
HOUSTON (DTN) -- Oil futures settled higher on Thursday, despite the Energy Information Administration (EIA) reported a build in U.S. crude oil commercial inventories last week, coupled with expectations of ample supplies driven by additional output from some OPEC+ countries.
The front-month NYMEX WTI for May delivery edged up by $0.49 to $62.76 bbl, while ICE Brent for June delivery increased by $0.36 to $66.48.
May RBOB gasoline futures climbed by $0.0083 to $2.0096 gallon, while the front-month ULSD futures contract rose by $0.0230 to $2.1069 gallon.
The U.S. Dollar Index fell by 0.546 points to 99.090, against a basket of foreign currencies.
The most recent data from EIA showed that commercial crude oil stocks rose by 200,000 bbl to 443.1 million bbl in the week ending April 18, which was above the 4.57million bbl draw reported by the American Petroleum Institute on Tuesday, April 22, for the same reference week.
Total motor gasoline inventories fell by 4.5 million barrels in the week ending April 18, while distillate fuel stocks decreased by 2.4 million bbl last week.
In production, gasoline averaged 10.1 million bpd while distillate fuel output dropped to 4.6 million bpd, the EIA data showed.
Expectations of abundant global oil supplies and weak demand are expected to put pressure on crude prices. OPEC+ countries added 2.2 million bpd earlier this month and is scheduled to add 4.1 million bpd in May, while Kazakhstan has expressed its intention to increase oil output causing a confrontation with the oil cartel.
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