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Oil Inventories Fall by 815,000 Barrels Last Week: API

Published 12/14/2021, 04:36 PM
Updated 12/14/2021, 04:44 PM
© Reuters.

By Yasin Ebrahim

Investing.com - U.S. crude stockpiles fell less than expected last week just as investors continued to assess the risk of supply outstripping demand amid the impact of the Omicron variant of Covid-19 on travel.  

West Texas Intermediate, the U.S. benchmark, traded at $70.42 barrel on the news, after settling down 0.8% at $70.73 a barrel. 

U.S. crude inventories fell by 815,000 barrels for the week ended Dec.10. That compared with a draw of 3.1 million barrels reported by the API for the previous week. Economists were expecting a draw of about 2.6 million barrels. 

The API data also showed that gasoline inventories rose by 426,000 barrels last week, and distillate stocks decreased by 1.0 million barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies fell by about 2.1 million barrels last week.

 
 

Latest comments

Do these numbers include the SPR releases?
They just don’t ever mention that part. The SPR has been leaking all year. Fact.
plain and simple. If you have a product (oil) that is supposed to be phased out for clean energy alternatives than why not use economics to earn the most possible money on your oil in this case. OPEC knows this and I can only see them adjusting to keep it costing the most possible.
Exactly
A days worth. Lol. Buy the news!
SP500 back to 1800-2500 in less than 3 years...recession coming
Your name tells all..
Surprised its taken this long. Buckle up for next year.
Look out down below no brakes
ok
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