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Oil Inventories Rose by 4M Barrels Last Week: API

CommoditiesDec 01, 2020 04:42PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com - U.S. oil stockpiles climbed last week on rising crude product inventories, exacerbating concerns about oversupply amid uncertainty over whether major oil produces will deepen output cuts.  

U.S. crude inventories rose by 4.1 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a build of 3.8 million barrels the previous week. Gasoline and distillates inventories rose by 3.4 million and 334,000 barrels. 

Crude Oil WTI Futures, the U.S. benchmark for oil fell 2% after settling lower at $44.55 per barrel.

Oil prices settled lower after major oil-producing countries delayed a decision on whether to ease production output from January until later this week.

The build comes a day ahead of the official government report expected to show weekly U.S. crude supplies increased by about 2.4 million barrels last week. 

 
 
Oil Inventories Rose by 4M Barrels Last Week: API
 

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Comments (10)
Marianna Xuereb
Marianna Xuereb Dec 02, 2020 2:42AM ET
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I do not blame countries for stockpiling fossil fuels. Electric cars are still pipe dreams AND one needs the reliability of mature fossil-fuel-technology to drive vehicles housing COVID-19 vaccines in refrigerated enclosures.
Tony Coll
Tony Coll Dec 02, 2020 12:52AM ET
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EIA has been consistently opposite. Don't they get the same data??
New Jazenevd
New Jazenevd Dec 01, 2020 6:55PM ET
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API report means very little. However, market wants to subside tomorrow and oil stocks are prime candidates for selling.
Rul Buz
Rul Buz Dec 01, 2020 6:09PM ET
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Wait for eia to adjust the numbers and announe a small withdraw.
Javier Escamilla
Javier Escamilla Dec 01, 2020 5:45PM ET
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Thats a bullish signal in this crazy market lol
Lizzy Naddy
Lizzy Naddy Dec 01, 2020 5:22PM ET
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Now API will adjust the numbers to show a small withdrawal, and bubble in market balloons further !
Matius Marvn
Matius Marvn Dec 01, 2020 4:57PM ET
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megabullish , other plasy saudis , take care
Daxesh Patel
Daxesh Patel Dec 01, 2020 4:53PM ET
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oil buy or sell
Notvery Goodathis
Peteymcletey Dec 01, 2020 4:52PM ET
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sounds good for tanker stocks
Moe Dilly
Moe Dilly Dec 01, 2020 4:50PM ET
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👀
 
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