0852 ET - Oil futures are higher ahead of the EIA's weekly inventories report that's expected to show a seventh consecutive decline in U.S. crude stocks. Analysts note a bigger-than-expected 4 million barrel draw reported by the API. "Although today's EIA may not indicate as large of a crude draw as the API, the fact that Cushing accounted for 3⁄4 of the API's stock reduction is a bullish consideration," Ritterbusch says in a note. "The low Cushing stocks have emanated partially from strong refinery activity across the mid-continent region that has erased a long-standing gasoline supply deficit," the firm adds. Crude stocks are expected to have fallen by 1 million barrels, according to a Wall Street Journal survey of analysts. WTI is up 0.5% at $74.60 a barrel, and Brent is up 0.3% at $77.29 a barrel. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
January 08, 2025 08:52 ET (13:52 GMT)
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