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Oil Inventories Fall by 3.5M Barrels Last Week: API

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By Yasin Ebrahim

Investing.com - U.S. oil stockpiles fell sharply last week, stoking hopes that the supply-demand imbalance remains largely intact amid an increasing optimism over a faster reopening in the U.S. as new virus infections continue to decline.

U.S. crude inventories fell by 3.5 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a fall of 4.26 million barrels the previous week. Cushing inventory slipped by 378,000 barrels, while gasoline inventories rose by 4.81 million barrels, the most since April 2020, and distillate stocks decreased by 487,000 barrels.

Crude Oil WTI Futures, the U.S. benchmark for oil, rose 48 cents, to $58.45, after settling up 36 cents, at $58.36 per barrel.

Oil hit a 13-month high on Tuesday as recent supply cuts by Saudi Arabia and hopes of recovery in fuel demand continue to spur bullish bets on energy.

"We continue to believe that global oil demand will recover by the end of 2022 and non-OPEC supply will not. Our supply view is not only a function of flattish sequential US oil production profile but also in a secular step down in contribution from new long lead time projects," Goldman Sachs (NYSE:GS) said in a note as it maintained its forecast for WTI to rise above $60 per barrel later this year.

The official government report due Wednesday is expected to show weekly U.S. crude supplies increased by about 985,000 barrels last week.

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