API: Crude oil prices rose more than expected

According to a report from China Petroleum and Chemical Corporation News on June 3 today, the American Petroleum Institute (API) announced on Tuesday that as of the week of May 28, US crude oil inventories fell by 5.

Last week, API reported that oil inventories were reduced by 439,000 barrels, after analysts had forecasted 1.

Oil prices rose on Wednesday afternoon, as OPEC sent a positive signal that the organization would stick to its plan to increase production next month.

According to the latest data from the U.

API reports that as of the week of May 28, gasoline inventories increased by 2.

After the data was released, at 4:42 pm Eastern Time, WTI crude oil was quoted at US$68.

Wang Jiajing excerpted and translated from today's oil prices

The original text is as follows:

Larger Than Expected Crude Draw Fuels Oil Price Rally

The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 5.

　　Analysts had predicted a draw of 2.

　　In the previous week, the API reported a draw in oil inventories of 439,000 barrels after analysts had predicted a draw of 1.

　　Oil prices were trading up on Wednesday afternoon, on bullish signals from OPEC that saw the group stick to its output plans for the coming month.

　　While crude oil inventories fell again this week, US oil production continued at an average of 11 million bpd for the week ending May 21, according to the latest data from the Energy Information Administration.

　　The API reported a build in gasoline inventories of 2.

　　Distillate stocks saw an increase in inventories this week of 1.

　　Cushing inventories rose this week by 741,000 barrels.

　　Post data release, at 4:42 pm EDT, the WTI benchmark was trading at $68.