Crude oil prices moved lower in early Asian trade on Thursday, following intraday declines of 2% yesterday after data from Energy Information Administration showed a crude oil inventory draw of 3.5 million barrels for the week to April 2 along with a hefty gasoline stock increase and a build in distillates.

Between optimism on the global economic recovery, which is critical to support sustainable oil demand growth, there are worries that talks with Iran to discuss the chance of reviving the 2015 nuclear deal could lead to Washington lifting sanctions on Tehran’s oil exports.

Meanwhile, data from the API also showed that US crude oil stockpiles fell more than expected last week. Elsewhere, the IMF said the world economic recovery would be stronger than initially thought supported by additional fiscal support in a few large economies and successful vaccine programs.