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Oil Inventories Rose by 1.4M Barrels Last Week: API

Published 12/08/2020, 04:18 PM
Updated 12/08/2020, 04:45 PM
© Reuters.

By Yasin Ebrahim

Investing.com - U.S. oil stockpiles climbed last week, stoking fresh concerns about the demand outlook at a time when investors are hopeful that a vaccine-led rebound in travel will drive appetite for crude products.  

U.S. crude inventories rose by 1.14 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a build of 4.1 million barrels the previous week. Gasoline rose by 6.4 million, the highest in eight months, distillates stocks by 2.32 million barrels. 

Crude Oil WTI Futures, the U.S. benchmark for oil fell 26 cents after settling down 16 cents at $45.60 per barrel.

The build comes a day ahead of the official government report expected to show weekly U.S. crude supplies decreased by about 1.4 million barrels last week. 

 
 

Latest comments

The work from home trend alone should have crashed oil. No demand any more.
Downvote me all you want; the inventories say I’m right.
We can easily prove whole market is being driven by "hopes" and also since Pfizer came out with their hoax news... nothing changed since then of course, and only "speculation" is working well on oil prices too... fake and fancy times we are all living
Pretty bad numbers. Certainly, EIA report tomorrow is more important. However, this report still raises flags.
oil prices continue to slow down
Great thats a bullish sign for oil stocks!
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