Crude oil futures were lower Tuesday despite expectations that U.S. stockpiles dropped last week. Also, the prospect for demand was boosted by a hopeful note from the IMF.
Global economic growth is strengthening, thanks to a long-awaited cyclical recovery in investment, manufacturing, and trade, though downside risks remain, the International Monetary Fund said in a report released today.
May West Texas Intermediate crude shed 24 cents, or 0.5%, to settle at $52.41 a barrel.
The American Petroleum Institute will release its weekly crude oil inventory report this afternoon. The API data will be followed by the EIA's (U.S. Energy Information Administration) weekly inventory report tomorrow morning.
US crude oil inventories are expected to have fallen by 1.5 MMbbls from April 7-14, 2017.
"With a continuation of the OPEC and non-OPEC producer deal in the second half of 2017 and the expected associated inventory draw-down, we expect oil prices to move above $60 a barrel by the second half of the year," Citigroup said today.
by RTT Staff Writer
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