On Wednesday, the EIA reported that U.S. crude oil stockpiles grew by more than 6 million barrels last week. While this number was smaller than the API’s report of 10 million barrels of growth the day before, it did confirm that U.S. supplies outpaced demand for the fifth straight week.
However, yesterday China – the largest buyer of Iranian crude – indicated that it will be cutting off some Iranian imports. China previously signaled that it may not comply with the new sanctions in light of trade tensions, so this latest move demonstrates that Iran may be hit harder than previously thought.
WTI moved up $0.76 in the past two days closing yesterday at $66.81 per barrel.