The American Petroleum Institute (API) yesterday released positive inventory figures published yesterday. Interestingly, the time spreadsan indicator of the relationship between short term and long term oil ($IOIL00 (-0.25%) ), have narrowed further, indicating a possible stability in the market, but we must not forget the geopolitical risk.

API's data shows that US crude oil inventories in the last week by 3.23 million barrels last week, while the estimates of the market point to an increase of 1.3 million barrels were. The API also reported a decline in crude oil inventories in Cushing by 0.9 million barrels. On the product side, the gasoline stocks by 0.59 million barrels while distillate stocks fell by 0.72 million barrels have risen. This indicates that the demand for gasoline has increased, while possibly more distillates such as heating oil were produced.

The Russian Ministry of Economy estimated that the crude oil exports will increase slightly this year, mainly as a result of Russia's agreement to end production cuts under the OPEC+ plan to stabilize the oil oil market to stabilize the oil market. China is also planning to reduce its oil product exports in May.