WTI weighed by China woes and a firm US Dollar – by fx_ross Oil WTI Commodities DollarIndex China
China falls below contraction territory, weighing on oil.
"Our government invited us and others to step up, and we did," JPMorgan Chase CEO Jamie Dimon said in a statement. "This acquisition modestly benefits our company overall, it is accretive to shareholders, it helps further advance our wealth strategy, and it is complementary to our existing franchise."
Specific to the industry, Reuters reported that last Wednesday's EIA report showed that U.S. crude oil inventories as of April 21 were -0.5% below the seasonal 5-year average, gasoline inventories were -7.2% below the seasonal 5-year average, and distillate inventories were -12.4% below the 5-year seasonal average. U.S. crude oil production in the week ended April 21 fell -0.8% w/w to 12.2 million bpd, only 0.9 million bpd below the Feb-2020 record-high of 13.1 million bpd.
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