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- At the time of writing, crude oil prices are lower by more than 0.10%, after prices declined by more than 1% during the NY floor session. The NY losses for crude, tracked the decline in US equities. Following the US close, API disclosed that during the prior week, crude and distillate inventories were higher than expected, while gasoline supplies were lower than expected (API PETROLEUM INVENTORIES: CRUDE: +6.5M V +2.1ME; GASOLINE: -613K V -500KE; DISTILLATE: +87K V -1ME). Upcoming event risks for crude include the Department of Energy's weekly inventories report, which will be released later on today, and China's Q1 GDP figures which are due on tomorrow's session. Spot Gold is currently higher on today's session, tracking the declines in financial stocks. In terms of potential upcoming event risks for gold, later on today the US CPI figures for March will be released in addition to the Fed's Beige Book and Feb total net TIC flows data