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Oil Inventories Unexpectedly Rise 7.35 Million Barrels Last Week: API

CommoditiesMar 02, 2021 04:55PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com - U.S. oil stockpiles rose last week and product inventories fell sharply following the cold snap that forced refiners to shut down operations in oil-rich Texas.  

U.S. crude inventories rose 7.35 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a build of 1.026 million barrels the previous week. Cushing inventories increased by 732,000 barrels, while gasoline inventories declined by about 10 million barrels, and distillate stocks decreased by about 9.1 million barrels.  

Crude Oil WTI Futures, the U.S. benchmark for oil, fell $1.19 a barrel on the news after settling down 89 cents at $59.75 a barrel.

The build in crude inventories comes as major oil producers are expected to agree to ease production cuts at a key meeting this week amid concerns that  demand will likely outstrip supply as the global vaccine-led recovery gathers pace. 

U.S. President Joe Biden said Tuesday the U.S. will aim to vaccinate every adult in the nation by the end of May, two months earlier than previously expected.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies increased by about 928,000 million barrels last week. 

 
 
 
Oil Inventories Unexpectedly Rise 7.35 Million Barrels Last Week: API
 

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Comments (7)
Matt Novakovich
Matt Novakovich Mar 03, 2021 1:40AM ET
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electric will replace gad within 2 years
Me comment
Me comment Mar 02, 2021 9:24PM ET
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With supply out pacing demand seems logical the inventories will rise.
Me comment
Me comment Mar 02, 2021 9:20PM ET
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It is always unexpectedly maybe the analysts simply don't know how to make projections after all they have a 50/50 chance of being right no matter what they say.
Notvery Goodathis
Peteymcletey Mar 02, 2021 5:46PM ET
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You can't put unexpectedly and then have a strong reason in your first sentence....
Jason Carter
Jason Carter Mar 02, 2021 5:43PM ET
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what is this post even about! the oil stocks have been floated up by the government ever since the pandemic. listen people the world may be getting through the pandemic but one question. what happens when the stimulus gets cut!
Gene Kret
Gene Kret Mar 02, 2021 5:43PM ET
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People will need to go and get a j o b.
Matt Novakovich
Matt Novakovich Mar 02, 2021 5:43PM ET
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dow Jones 18k around the corner
Angel Morales
Angel Morales Mar 02, 2021 5:42PM ET
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old news
Apfel Wein
Apfel Wein Mar 02, 2021 5:40PM ET
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the public school buses in my county just started running last Friday.  the new ones are much quieter than the old ones but still burn oil/gas/diesel, even in this overwhelmingly liberal county.
 
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