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Breaking: Oil Inventories Jumped by 4.7M Barrels - API

Published 12/17/2019, 04:46 PM
Updated 12/17/2019, 04:48 PM
© Reuters.

Investing.com – Oil prices pared much of their earlier gains Tuesday after the American Petroleum Institute reported a large build of weekly crude inventories.

  • Oil inventories rose by 4.7 million barrels in its snapshot of stockpiles for the week ended Dec. 13, the API said.

  • WTI futures were up 0.6% after the report.

  • U.S. government data is forecast to show a drawdown of 1.3 million barrels when the EIA reports its weekly numbers tomorrow morning.

    Latest comments

    That's okay, all the soy beans we sold China will keep crude prices higher. ha ha ha ha
    Let the hedge funds finish running it up then sell.
    Between the hedge funds wanting to support Aramco and OPEC. They are working hard to keep an over supplied market price up. Hoping opec+ will not cheat before the second half of 2020.
    Last year there was less inventory and oil was $45.
    Wow 70 SOON
    huh, why?
    pump and dump
    Oil should be $50 soon.
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