Crude futures hold onto moderate gains as near-term supply concerns are partly offset by a bigger-than-expected 4.6 million barrel increase in U.S. crude stockpiles despite a drop in net imports.
“April WTI crude oil is seemingly willing to discount the big build, the EIA premium to the API, and the Line 16 adjustment number and instead concentrate on those rather impressive import/export dynamics,” Mizuho’s Robert Yawger say in a note.
While imports fell by 488,000 barrels a day last week, exports grew by 472,000 b/d.
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