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U.S. crude stockpiles fall as refiners ramp up output: EIA

The Globe and Mail
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U.S. crude oil stockpiles dropped more than expected as refiners increased activity heading into the summer driving season, the Energy Information Administration said on Wednesday.
Crude inventories fell by 5.9 million barrels in the week to April 9 to 492.4 million barrels, compared with analysts’ expectations in a Reuters poll for a 2.9 million-barrel drop.
Refinery utilization rates rose by 1 percentage point to 85% of overall capacity. That is the highest since March of last year, just before the coronavirus pandemic caused refiners to severely restrict processing activities as demand dove. ....

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Oil prices tumble after 9-day strong rally; Brent reaches $61.07 per barrel

Brent crude fell 40 cents, or 0.7%, to $61.07 a barrel, as of 0350 GMT, after a strong run in recent days driven by the Organisation of Petroleum Exporting Countries and its allies, known as OPEC+, agreed output cuts ....

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