{"id":59413,"date":"2025-05-07T09:21:28","date_gmt":"2025-05-07T09:21:28","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2025\/05\/07\/oil-extends-gains-on-inventory-draw\/"},"modified":"2025-05-07T09:21:28","modified_gmt":"2025-05-07T09:21:28","slug":"oil-extends-gains-on-inventory-draw","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2025\/05\/07\/oil-extends-gains-on-inventory-draw\/","title":{"rendered":"Oil Extends Gains On Inventory Draw"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"ctl00_CPI_dvBody\">\n<p> Oil prices traded higher on Wednesday, extending gains from the previous session on signs of weakening production in the U.S. and higher demand in Europe and China.<\/p>\n<p>Benchmark Brent crude futures rose 0.7 percent to $62.60 a barrel in early European trading, while WTI crude futures were up 0.9 percent at $59.60.<\/p>\n<p>U.S. crude oil stocks fell by 4.49 million barrels in the week ended May 2, according to the American Petroleum Institute (API).<\/p>\n<p>Gasoline inventories showed a draw of 1.97M barrels for the week and stockpiles at the Cushing storage hub showed a draw of 854K barrels, while distillate inventories signaled a build of 2.24M barrels.<\/p>\n<p>The Energy Information Administration will release its weekly U.S. petroleum supply report later in the day. <\/p>\n<p>Prices also drew support from signs of demand improving in Europe and China as well as upcoming U.S.-China trade talks.<\/p>\n<p>Diamondback Energy Inc., the largest independent oil producer in the Permian Basin, said that production has likely peaked in America&#8217;s prolific shale fields and will decline in the coming months.<\/p>\n<p>Earlier today, the People&#8217;s Bank of China cut the seven-day reverse repurchase rate to 1.4 percent from 1.5 percent and also trimmed the reserve requirement ratio by half a percentage point, hours after it emerged that senior U.S. and Chinese officials will hold their first trade talks in Switzerland this weekend to ease tensions. <\/p>\n<\/p>\n<\/div>\n<p><script type=\"text\/javascript\">\n        window.fbAsyncInit = function () {\n            FB.init({\n                status: true,\n                cookie: true,\n                xfbml: true\n            });\n        };\n        (function (d) {\n            var js, id = 'facebook-jssdk'; if (d.getElementById(id)) { return; }\n            js = d.createElement('script'); js.id = id; js.async = true;\n            js.src = \"https:\/\/connect.facebook.net\/en_US\/all.js\";\n            d.getElementsByTagName('head')[0].appendChild(js);\n        }(document));\n    <\/script><br \/>\n<br \/>\n<br \/>Oil Extends Gains On Inventory Draw<\/a><br \/>\n<br \/>2025-05-07 09:21:28<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices traded higher on Wednesday, extending gains from the previous session on signs of weakening production in the U.S. and higher demand in Europe and China. Benchmark Brent crude&#8230;<\/p>\n","protected":false},"author":2,"featured_media":59414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.unsplash.com\/photo-1585504256855-6718f7a693ae?ixid=MXwxMjA3fDB8MHxwaG90by1wYWdlfHx8fGVufDB8fHw=&ixlib=rb-1.2.1&auto=format&fit=crop&w=934&q=80","fifu_image_alt":"","footnotes":""},"categories":[28],"tags":[],"class_list":["post-59413","post","type-post","status-publish","format-standard","has-post-thumbnail","category-us-markets"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/59413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=59413"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/59413\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/59414"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=59413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=59413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=59413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}