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Oil Inventories Rose by 584K Barrels Last Week: API

Published 10/20/2020, 04:32 PM
Updated 10/20/2020, 04:36 PM
© Reuters.

By Yasin Ebrahim

Investing.com - U.S. oil stockpiles rose last week, adding to concerns that rising Covid-19 cases and the ensuing lockdowns are beginning to weigh on crude demand.    

U.S. crude inventories rose by 584,000 barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a draw of 5.4 million barrels the previous week.

Crude Oil WTI Futures, the U.S. benchmark for oil, rose 0.73% after settling 1.54% higher at $41.46 a barrel.

The build comes a day ahead of the official government report expected to show weekly U.S. crude supplies fell by 1.021 million barrels last week.

 

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Look! another week where estimates were not accurate. that is 100% of the time still! it's funny that even a place like investing.com panders to the "fear the covid" crowd.
same for me.... rig report... barrels per day up or down.... blah blah ... price is your only indicator
API also reported, besides small increase in crude oil inventory mentioned in the article, sizable decreases in gasoline and distillate inventories. It means that, in total, this report is not bearish at all.
Rough math—Since Aug 1 drew out 40 million barrels.
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