Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Oil inventories rise by 4.09M barrels last week: API

Published 04/16/2024, 05:03 PM
Updated 04/16/2024, 05:06 PM
© Reuters.
- -- U.S. crude stockpiles jumped more than expected last week, the API reported Tuesday, but gasoline inventories dropped pointing to an ongoing recovery in refinery activity amid growing fuel demand.   

Crude Oil WTI Futures, the U.S. benchmark, traded at $85.28 a barrel following the report after settling down 0.1% at $85.36 a barrel.

U.S. crude inventories  rose by about 4.09 million barrels for the week ended Apr. 12, compared with an increase of 3.03M barrels reported by the API for the previous week. Economists were expecting an increase of just 600,000 barrels. 

The API data also showed that gasoline and distillate stockpiles fell by 2.51M barrels and 427,000 barrels, compared with expectations for draws of 1M and 400,000 barrels, respectively.       

The official government inventory report is due Wednesday.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.