Oil Prices Gain on Steady Demand Growth in China; Unexpected Fall in Crude Stocks

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Investing.com – prices gained on Wednesday in amid signs of steady demand growth in and data that showed an unexpected fall in U.S. crude stocks.

U.S. were up 0.6% to $64.45 by 12:50 AM ET (04:50 GMT) while international gained 0.4% to $71.97.

WTI is up 41% on the year; Brent is up 33%.

The National Bureau of Statistics showed on Wednesday that China’s refinery throughput in March rose 3.2% from a year earlier to 53.04 million tonnes.

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Meanwhile, the American Institute reported overnight that U.S. crude inventories fell by 3.1 million barrels in the week ended April 12 to 452.7 million, compared with the expectations for an increase of 1.7 million barrels.

In June, the Organization of the Petroleum Exporting Countries () and its partners will decide whether to continue to curb their production, although there are worries that is reluctant to extend the current production cut agreement with .

TASS news agency cited Russian Finance Minister Anton Siluanov as saying that and the cartel may decide to boost production in order to recover market share from the U.S.
Official data on U.S. inventories from the is due to be released later in the day.

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Source: Investing.com