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Oil Inventories Fall by 6.36M Barrels Last Week: API

Published 09/01/2020, 04:18 PM
Updated 09/01/2020, 04:34 PM
© Reuters.

By Yasin Ebrahim

Investing.com - U.S. oil stockpiles declined for a six-straight week as American producers braced for the onslaught of Hurricane Laura.

U.S. crude inventories fell by 6.36 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a draw of 4.5 million barrels the previous week.

The latest weekly draw comes after some U.S. producers halted operations last week in anticipation of Hurricane Laura, which made landfall along the U.S. Gulf Coast but its impact was not as widespread as many had feared.  

Crude Oil WTI Futures, the U.S. benchmark for oil, was up 1.03% after settling 0.4% higher at $42.76 a barrel on Tuesday. Oil prices were supported by better-than-expected U.S. manufacturing data, which strengthened expectations that the recovery in crude demand would remain on track.

 

Latest comments

When do we run out of oil?
keep those rigs on the ground. demand will rise but will not be q problem as the production and decline curve drops in.
Agree. Double benefit: inventory would still go down and layed-off staff and engines should not be paid.
Ready to make some money on this. Interstate 4 has been packed all week, people are burning fuel!
Oil up
6 thumbs up for a most insightful post.....lol.....
This gonna be a 100$ barrel price if shortage hits in
Oil up
At what point do we run out?
 the reality is storage won't run out, the saudi's/russian can increase production in days - wells are already drilled on many large sites just shut in for now - US shale production can also ramp up quickly once the price point hits a certain level - so you will not see empty storage ever!
for $80 a barrel the pumping will be flowing as good as Teslas stock is going up. except it will be justified
Well we will run out if the party of Socialism rules gets in to any poistion of power in November
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