The American Petroleum Institute reported a surprise build this week for crude oil of 7.757 million barrels. This is compared to analyst predictions of a 1.367 million barrel build. Oil Prices Hold Gains Despite Major Crude Inventory Build. The EU ban on Russian… Germany would have enough gas.

Oil prices were trading sharply up on Tuesday on a number of bullish catalysts. OPEC's no-frills warning to the EU that it would be nearly impossible to offset sanctioned Russian crude oil. Russia's waning crude oil output so far in April. Shanghai's lockdown easing even as Covid cases remain at record levels.

U.S. crude oil production rose to 11.8 million bpd for the week ending April 1. Crude production in the United States is still down 1.3 million barrels per day from pre-pandemic times. Brent crude was trading up 6.10% on the day at $104.50 per barrel.

Cushing inventories rose to 25.887 million barrels as of April 1, according to EIA data. At 4:36 pm, ET, WTI was trading at $100.70 (+6.81%), with Brent trading at $104.80 (+ 6.37%).
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