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Oil Inventories Rose by 2.3M Barrels Last Week: API

CommoditiesOct 26, 2021 04:52PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com - U.S. crude stockpiles rose more than expected last week, but that did little to ease fears that demand will continue outstrip supply amid an ongoing energy crunch.                  

West Texas Intermediate, the benchmark traded at $84.47 a barrel on the news, after settling up 89 cents at $84.65 a barrel.

U.S. crude inventories increased by 2.3 million barrels for the week ended Oct. 15. That compared with a build of 3.3 million barrels reported by the API for the previous week. Economists were expecting a build of about 1.7 million barrels.

The API also showed that gasoline inventories rose by 530,000 barrels last week, and distillate stocks increased by 986,000 barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies increased by about 1.9 million barrels last week.

Oil Inventories Rose by 2.3M Barrels Last Week: API
 

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Comments (9)
kabiru B Zagga
kabiru B Zagga Oct 26, 2021 5:23PM ET
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Ofcurs because nowadays oil and petroleum can only help the people to continue with their transportation without any bothering.
Clifford Norman
Grant1865 Oct 26, 2021 5:21PM ET
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This is the more important number, Cushing actually measures their 400 tanks, API/EIA take a survey and produce an "estimate." The industry-funded American Petroleum Institute reported crude supplies at Cushing fell 3.73 million barrels last week, according to people familiar with the data.
Don Licio Lucchesi
DonLucchesi Oct 26, 2021 5:12PM ET
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oilyfingers
Bill Ackman
Bill Ackman Oct 26, 2021 5:06PM ET
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Rbob gasoline should already be above 2.60
Williams chizaram
Williams chizaram Oct 26, 2021 5:03PM ET
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Vincent Sunday
Vincent Sunday Oct 26, 2021 5:02PM ET
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really
Vincent Sunday
Vincent Sunday Oct 26, 2021 5:02PM ET
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if oil is increasing with of petroleum
Rul Buz
Rul Buz Oct 26, 2021 5:00PM ET
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Api: oil inventory increases by 2.3 million barrlels and oil stays stable and tomorrow eia says oil inventory decreased by 2.3 million barrel and oil moves 4 dollar more lol note am not short on oil just an opinion.
Mark McMillan
Mark McMillan Oct 26, 2021 5:00PM ET
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oil going up to near $100 per barrel.
Barani Krishnan
Barani Krishnan Oct 26, 2021 5:00PM ET
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Why not make it $900? I'm sure the Saudis would love that.
 
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