Crude oil declined in price in the afternoon on data on another increase in fuel inventories in the United States. May futures on Brent on London’s ICE Futures exchange fell by $0.61 (0.73%) — to $82.84 per barrel.

WTI April futures quotations fell by $0.7 (0.91%) to $76.35 per barrel at electronic auctions of NYMEX by the indicated time. The API’s data showed a 6.2 million barrel increase in inventories last week, according to the latest data published by the American Petroleum Institute (API).

Crude Oil Prices Fall — Reasons

The official data from the Energy Department will be released shortly. Analysts, on average, expect the report to indicate an increase in reserves by about 500,000 barrels. Earlier in the trading session the quotes were getting higher due to optimism about the economic recovery in China.

China’s Purchasing Managers’ Index (PMI) for the manufacturing sector rose to 52.6 points in February from 50.1 points a month earlier, reaching a record high since 2012. Experts on average expected a more moderate increase to 50.5 points.

The service sector PMI rose to 56.3 points in February from 54.4 points in January. The indicator has been updated to the highest since March 2021.

Earlier we reported that the WSJ said that the U.S. is returning to its former power in the oil market with increased exports to Europe.