# Oil Gains Hold as Industry Said to Report Surprise Storage Drop - Bloomberg

> Oil recovered some of the prior day's losses on April 3 as the American Petroleum Institute reported a 3.28 million barrel drop in US crude inventories last week. Supplies at the Cushing, Oklahoma hub were reported to have surged, and prices tracked a recovery in equities.

- Date: 2018-04-03 · published 2018-04-03T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/10849-oil-gains-hold-as-industry-said-to-report-surprise-storage-drop-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Mixed inventory signals, with a national draw but a Cushing build, leave crude supply balance ambiguous, so prices are likely to stay range-bound with limited direct effect on feed commodities.

## Read by commodity

- WTI: neutral

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2018-04-03/oil-holds-biggest-loss-in-almost-two-months-on-trade-war-fears

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.