Crude oil up on API data, sees 63.80/barrel

• API crude stock 1.05M vs 3.229M previous reading.
• Initial market reaction to declining stocks halts oils decline for now.

WTI crude is jumping following API Weekly Crude Oil Stock data, with US crude climbing forty cents a barrel to 63.80 on initial reaction; the API release shows a continued decline in US oil buildup as fossil fuel-based businesses continue to ramp up production and eat away at reserves.

Oil has had a rough go of things lately, declining from 66.50 in late January, getting dragged down the charts by a tumble in US equities and a sagging US Dollar; a confidence-boosting surge in oil usage could help stop the decline in oil prices in the near term.