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Oil Inventories Rose by 1.97M Barrels Last Week: API

Published 12/15/2020, 04:45 PM
Updated 12/15/2020, 04:45 PM
© Reuters.

By Yasin Ebrahim

Investing.com - U.S. oil stockpiles climbed for the fifth-straight week as product inventories continued to build amid a weakening demand outlook.   

U.S. crude inventories rose by 1.973 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a build of 1.14 million barrels the previous week. Gasoline rose by 1.9 million and distillates stocks by 828,000 barrels. 

Crude Oil WTI Futures, the U.S. benchmark for oil was 1.34% higher after settling up 1.34% at $47.62 per barrel.

The build comes as the International Energy Agency in the latest monthly oil market report trimmed its global demand forecast by 50,000 barrels per day.

Official government report due Wednesday expected to show weekly U.S. crude supplies decreased by about 1.937 million barrels last week. 

 
 

Latest comments

The 15 million barrel build last week only dropped oil price for 15 to 20 minutes. Then market manipulators ran the price back up and finished the day green.. Criminal !!
Work from home killed oil
Brent Target : $400 /bbl.
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