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Oil Inventories Rose by 691,000 Barrels Last Week: API

Published 09/22/2020, 04:35 PM
Updated 09/22/2020, 04:42 PM
© Reuters.

© Reuters.

By Yasin Ebrahim

Investing.com - U.S. oil stockpiles rose last week, renewing worries that the recovery in demand is under threat at a time when the second wave of Covid-19 is gathering steam.

U.S. crude inventories rose by 691,000 barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a draw of 9.5 million barrels the previous week.

Crude Oil WTI Futures, the U.S. benchmark for oil, was up 0.48% after settling 0.74% higher at $39.60 a barrel on Tuesday.

The build comes a day ahead of the official government report expected to show weekly U.S. crude supplies fell by 2.325 million barrels last week.


   

Latest comments

Back to back huge draws and suddenly everyone is bearish...
This is a yawn, within margin of error and certainly did not renew worries .Let’s see where tomorrow’s number comes in and dont forget gasoline a distillates.
yes exactly
Hey guys where can i see the reports ? And the reports you have mentioned ?
Can you be anymore bearish or biased? You have editorialized here by stating that this news has caused concern and you didn't mention the massive gas draw?
No mention of the massive products (Gasoline, diesel) drop of about 10 million barrels?  Tiny build in oil vs massive products decline is not bearish and not a "demand problem".
Big product draws
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