Oil prices rose in early Asian trade as U.S. crude inventories were seen falling and on strong Chinese economic data, signaling strengthening fuel demand. | Reuters
Prices got a lift from an industry report showing that U.S. crude stocks fell by about 2.68 million barrels in the week ended April 14, according to market sources citing American Petroleum Institute figures on Tuesday.
Gasoline inventories fell by about 1.02 million barrels, while distillate stocks fell by about 1.9 million barrels, according to the sources, who spoke on condition of anonymity because they were not authorized to speak to media. The official inventory report by the Energy Information Administration, the statistical arm of the U.S. Department of Energy, is due at 1430 GMT on Wednesday.
Meanwhile, the economy of top crude oil importer China grew by a faster-than-expected 4.5 percent in the first quarter, while the country’s oil refinery throughput rose to record levels in March, data showed.
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