The American Petroleum Institute released data that the US crude oil inventories increased by 1.75 million barrels in the week of August 12, the US gasoline inventories fell by 5.374 million barrels, and the distillate stocks fell by 1.293 million barrels. Analysts expect gasoline stocks to fall 1.3 million barrels in the week of August 12 and distillate stocks to increase by 500,000 barrels.
Traders will pay attention to the data released by the US Department of Energy to confirm the decline in inventory, but the American Petroleum Institute's data will still help alleviate market concerns about the global economic growth rate and European ability to resolve sovereign debt problems.
The U.S. economic data released on Tuesday were mixed. In July, housing starts slipped by 1.5%. The previous two months saw a rise, at an annual rate of 604,000, and analysts had previously estimated 600,000. Despite the decline, the decline was smaller than expected. Import prices rose 0.3% in July, and analysts estimate it to be flat.
The Fed’s July industrial production data also outperformed expectations, rising 0.9%, and analysts forecast a growth of 0.6%. Traders said that this increase will boost distillate demand, but the price of oil has not risen due to the news.
The euro zone's largest economy - Germany's second-quarter economic growth was worse than expected, only 0.1%, analysts had expected growth of 0.4%. In the second quarter of the euro area, GDP growth slowed to 0.2% in the second quarter, the lowest in two years, raising concerns that the issue of sovereign debt could be resolved.
Traders paid close attention to the talks between German Chancellor Angela Merkel and French President Nicolas Sarkozy in Paris, but did not achieve important results as traders expected.
Investors expressed disappointment with the measures taken by Germany and France to strengthen fiscal governance. The slowdown in German economic growth data exacerbated concerns of an economic recession and caused renewed fears about the European crisis.
At 10:00 GMT, the United States NYMEX September crude oil ** reported at 86.78 US dollars / barrel, up 0.13 US dollars, or 0.15%; Brent crude oil ** reported at 109.23 US dollars / barrel, up 0.10 US dollars, or 0.09%.
US NYMEX September crude oil prices on Wednesday (17th) Asian cities rebounded slightly in early trading. Previously released data showed that the decline in US refined oil inventories was much higher than expected, which helped offset the impact of European debt worries.