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Oil Inventories Fall by 5.82M Barrels Last Week: API

Published 01/12/2021, 04:07 PM
Updated 01/12/2021, 04:34 PM
© Reuters.

By Yasin Ebrahim

Investing.com - U.S. oil stockpiles fell last week, adding to expectations that crude demand will likely remain resilient as the vaccine rollout continues.

U.S. crude inventories fell by 5.82 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a draw of 1.67 million barrels the previous week. Gasoline inventories rose by 1.88 million barrels and distillate stocks increased by 4.43 million barrels. 

Crude Oil WTI Futures, the U.S. benchmark for oil was $1.11 higher after settling up 92 cents at $56.58 per barrel.

The official government report due Wednesday is expected to show weekly U.S. crude supplies decreased by about 2.3 million barrels last week. 

 
 
 

Latest comments

more lockdowns/infections/deaths = higher demand of oil? LMAO
Oil products rose 1.88+4.43=6.31. Rollout manipulators make a conclusion - strong demand.
Uh!??
 gasoline and distillate made of crude oil. They rose more than the latter fell. It's simple, Jac
let alone,one barrel of gasoline are made of ~1.3 barrel of oil.
looks like you put the price of Brent instead
Correct, it’s Brent price
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