EIA crude stockpiles soar against supply worries, Brewery surges 4% to near one-week high

U.S. oil futures rose 3.7% to settle at $104.25 per barrel. This comes a day after both major indicator crudes climbed more than 6 percent. Major global trading companies plan to reduce their purchases of crude and fuel from Russian state-owned oil companies as early as May 15 to avoid clashing with EU sanctions against Russia, sources said, pushing oil prices to continue their upward march.

Data released by the U.S. Energy Information Administration (EIA) showed that commercial crude oil inventories, excluding strategic reserves, increased by 9.382 million barrels to 421.8 million barrels, or 2.3%, in the week ended April 8, partly due to the release of crude oil from the National Strategic Reserve; gasoline inventories decreased by 3.649 million barrels, recording the largest since the week of October 15, 2021; refined oil inventories decreased by 2.902 million barrels Strategic Petroleum Reserve (SPR) inventories decreased by 3.899 million barrels, or 0.69%, to 560.7 million barrels. U.S. crude oil exports fell by 1.153 million barrels per day to 2.18 million barrels per day last week; commercial crude oil imports excluding strategic reserves fell by 5.995 million barrels per day last week, down 305,000 barrels per day from the previous week.