Crude oil inventories in the United States saw an increase of 500,000 barrels during the week ending April 11, according to new data from the U.S. Energy Information Administration released on Wednesday. Crude oil prices were trading up in a rare show of strength prior to the crude data release by the U.S. Energy Information Administration after a sharp dip over the last couple of weeks in the wake of the tariff war between the United States and China. Currently, WTI crude oil is trading at $63.13 per barrel, up over 1 % on the day. On Tuesday, the American Petroleum Institute (API) reported a build of 2.4 million barrels in U.S. crude oil inventories with large draws in gasoline and distillate stocks. For total motor gasoline, the EIA estimated that inventories decreased by 2 million barrels for the week to April 11, with daily production increasing to an average 9.4 million barrels. This compares with an inventory decrease of 1.6 million barrels for the previous week and an average daily production of 8.9 million barrels.

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