API Reports Surprise Inventories Draw, but Traders Focused on EIA Report

Oil prices climbed in month of March

Oil prices settled slightly lower on Wednesday, as a surprise draw in US crude stockpiles triggered a rebound from session lows hit after China proposed a broad range of tariffs on USA exports that fed fears of a trade war.

The Energy Information Administration reported a 4.6-million draw in crude oil inventories for the week to March 30, largely in line with analysts polled by IG, who had expected a draw of 4.1 million barrels.

"I suspect that we are going to have period of wait and see in markets as both parties enter into a period of negotiations before those tariffs actually go into effect", BNP Paribas head of commodities strategy Harry Tchilinguirian told the Reuters Global Oil Forum.

OPEC and its allies are collectively curbing 1.8 million barrels per day of crude output to help eliminate a global oil glut. The contract added 48 cents to $68.12 on Tuesday.

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Gasoline inventories fell in the reporting period by 1.1 million barrels, after a weekly draw of 3.5 million barrels in the prior week, and distillate stockpiles moved higher by 500,000 barrels.

The price of oil has been stuck between the rise in USA shale and a deal from the Organization of the Petroleum Exporting Countries' and Russian Federation to curb production and end a global supply glut.

US drillers cut rigs for first time in three weeks * Fear of renewed USA sanctions against Iran also support crude * But trade spat between USA and China weighs (Adds Shanghai prices and quote) By Henning Gloystein and Meng Meng SINGAPORE/BEIJING, April 2 (Reuters) - Oil prices rose on Monday, lifted by a drop in US drilling activity as well as by expectations that the United States could re-introduce sanctions against Iran. That was the lowest level since March 21.

Production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation have lifted oil prices in the past year.

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USA gold futures for June delivery settled down $2.70, or 0.2pc, at $1,327.30 per ounce. "We are seeing very strong demand for oil around the globe".

Meanwhile, spot silver was up 0.25pc at $16.30 per ounce after falling to $16.20, a one-week low.

Palladium lost 2.1pc to $945.75 per ounce, earlier hitting $938.22, its lowest level since October 11, and was set to fall more than 9pc this month, the steepest drop since December 2016. The exchange traded fund has net assets and 0.49% volatility this month.

Gold demand rallied in the closing months of 2017, gaining 6pc year-on-year in Q4 to reach 1,095.8 tonnes.

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