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Oil Inventories Unexpectedly Rise by 2.56M Barrels Last Week: API

Published 01/20/2021, 04:15 PM
Updated 01/20/2021, 04:43 PM
© Reuters.

By Yasin Ebrahim

Investing.com - U.S. oil stockpiles unexpectedly increased last week for the first time since Dec. 22, denting optimism somewhat that supplies would continue to tightened amid sluggish pandemic-impacted demand.   

U.S. crude inventories rose by 2.56 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a draw of 5.82 million barrels the previous week. Gasoline inventories rose by 1.13 million barrels and distillate stocks increased by 816,000 barrels. 

Crude Oil WTI Futures, the U.S. benchmark for oil, fell 1 cent cents higher after settling up 26 cents at $53.24 per barrel.

The official government report due Friday is expected to show weekly U.S. crude supplies decreased by about 1.17 million barrels last week. 

 
 
 

Latest comments

Long $DRIP baby
API is always wrong why do u bother scamming the market with fake news
Eia will correct it
whats eia
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