Crude Oil is trading today in the Asian session above the $83 level.
On Wednesday morning, crude oil futures saw an uptick in trading activity following industry data indicating a reduction in oil inventories in the US for the week ending April 19.
The American Petroleum Institute (API) reported a decline of 3.23 million barrels in crude oil inventories, contrasting with the previous week's inventory build of 4.09 million barrels. Market expectations for the week ending April 19 had anticipated a rise of 1.8 million barrels in inventories.
Later in the day, official data from the US Energy Information Administration (EIA) is anticipated. This data will provide insight into crude oil inventory levels within the country. Given the significant role of the US as a major consumer of crude oil in the global market, this information is closely monitored by market participants.