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Crude oil inventory data makes the market full of doubts, South Africa will relax its isolation order and launch economic stimulus package

Crude oil inventory data makes the market full of doubts

The American Petroleum Institute (API) announced last week that crude oil inventories increased by 9.98 million barrels, slightly lower than market expectations of an increase of 10.6 million barrels. However, gasoline stocks unexpectedly decreased by 1.11 million barrels, while distillate stocks increased by 5.46 million barrels, more than market expectations. At present, US crude oil inventories have increased to 510 million barrels, and Cushing ’s inventories at major crude oil settlements have increased by 2.49 million barrels. The data makes the market lingering doubts about the fullness of crude oil inventories.

South Africa will relax its isolation order and launch economic stimulus package

From May 1, South Africa will relax the isolation order. On the other hand, in order to rescue the economy, the South African government launched a 500 billion rand, or about 26 billion US dollars, to save the economy. All this brings support to Rand. However, all these factors are good, but last Friday was warned by rating agency Moody’s that its expanding fiscal deficit may affect its rating, which limits its ability to increase its currency.




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