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Crude oil prices fell slightly Wednesday as U.S. government data showed that crude oil inventories fell less than an industry report released Tuesday.
Brent crude oil futures rose to their highest level in the year early Wednesday, boosted by an unexpected drop in U.S. crude oil inventories announced by the American Petroleum Association (API) late Tuesday. But official data released Wednesday by the American Energy Information Association (EIA) showed that U.S. crude oil inventories fell 1.4 million barrels, half the decline reported by API.
"The overnight rise in oil prices is based on expectations of a 3 million barrel reduction in crude oil inventories, but that's not a reality," said Bob Yawger, Mizuho's head of energy futures in New York. "You need another driver."
Brent crude oil futures fell $0.10 to close at $71.62 a barrel. It hit a year-high of $72.27 a barrel.
U.S. crude oil futures fell $0.29 to close at $63.76 a barrel, hitting a high of $64.61 intraday, just below last week's high of $64.79 in 2019.
The data show that China's economy has grown steadily, further supporting crude oil prices.
Official data show that China's economy grew by 6.4% year-on-year in the first quarter, exceeding expectations of further slowdown and easing global market anxiety, as the US-China trade agreement seems to be nearing completion.
China's crude oil processing volume increased by 3.2% in March from a year earlier. China is the second largest consumer of crude oil in the world.
"Today's China data has given a significant boost to demand side, suggesting that prices will continue to rise as global growth and risk sentiment improves," said Stephen Innes, head of asset management trading at SPI.


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