Traders’ sentiment is positive, as shown by US equities climbing. The US Energy Information Administration (EIA) revealed that inventories in the last week fell as refineries ramped up operations once the maintenance period ended. US crude oil imports fell to their lowest level since March 2021.
Delving into the data, crude oil stockpiles dropped by 7.5 million barrels in the week to March 24 to 473.7 million barrels, vs. estimates of 92,000 barrels rise.
Although there was an oil shortage, WTI failed to capitalize as the greenback recovered some ground. The US Dollar Index (DXY), which track’s the value of the American Dollar (USD) against a basket of six currencies, is up 0.31%, at 102.745. That makes oil prices more expensive for international buyers.
After an arbitrage decision, the Norwegian oil firm DNO began shutting down production in Kurdistan’s fields.
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