Surprising decline in US crude oil stocks gives oil prices a boost

As usual, oil prices had initially shed their gains of the previous day again during the course of trading yesterday. When the American Petroleum Institute reported a surprisingly pronounced decline in US crude oil stocks after close of trading, however, prices more than recouped their losses. 

"If official statistics were also to confirm a reduction in US stocks when they are published today, which would constitute the second decrease in a row, this would be a clear indication that the declining US crude oil output is making its mark and helping to reduce the oversupply", says Commerzbank. 

After all, sharp falls in crude oil stocks are not usual at this time of year. This lends support above all to the WTI price.