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Oil Inventories Fell by 831,000 Barrels Last Week: API

Published 09/29/2020, 04:23 PM
Updated 09/29/2020, 04:45 PM
© Reuters.

By Yasin Ebrahim

Investing.com - U.S. oil stockpiles fell last week, but worries remain that oil demand will likely fade amid signs of increasing Covid-19 cases in the U.S. and abroad.

U.S. crude inventories fell by 831,000 barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a build of 691,000 barrels the previous week.

Crude Oil WTI Futures, the U.S. benchmark for oil, was down 3.5% after settling 3.2% lower at $39.29 a barrel on Tuesday.

The build comes a day ahead of the official government report expected to show weekly U.S. crude supplies rose by 1.57 million barrels last week.

 

Latest comments

cnn b oil oil sell or buy?
oil sell or buy?
expect a bounce in oil before election.. Big oil expecting a bail out too..
Oil patch seems to get stickier by the minute. Short sellers are really on the offensive. Oil stocks have been sinking like a rock. So frustrating. Earliest come back will be in the Spring at best. They are just playing the covid card over and over. Just goes to show the corruption in the sector. People have lost a bundle, including myself. Some claim we are in the middle of a super cycle and should rebound at any moment. They have been wrong for quite some time now. Amazingly, the supposed correlation between Trump and oil should have kept oil higher or offered upside. Guess not so much. I cannot even fathom the mafioso forces at work here. How sad!
LOL good. Nothing more corrupt then big oil. Shoulda jumped on the tska train smh
I stopped trading oil in april. Way to much corruption and way to easy to manipulate.
I'm thinking serious divergence coming up soon between API and EIA.
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