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Oil Inventories Unexpectedly Rise by 800K Barrels Last Week: API

Published 07/20/2021, 04:34 PM
Updated 07/20/2021, 04:46 PM
© Reuters.

By Yasin Ebrahim - U.S. crude stockpiles unexpectedly rose for the first time in nine weeks at a time when rising Covid-19 infections threaten the demand outlook, according to a report from the API.

West Texas Intermediate, the benchmark climbed by 51 cents, to $66.86 a barrel on the news, after settling up $1.0 to $67.42 a barrel.

U.S. crude inventories increased by 0.81 million barrels for the week ended July 15. That compared with a draw of 4.1 million barrels reported by the API for the previous week.

The API also showed that gasoline inventories increased by about 3.3 million last week, compared with a 1.5 million build in the prior week, and distillate stocks fell by about 1.2 million barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies declined by about 4.5 million barrels last week.

Latest comments

keep shorting it
Work from home trend + growing popularity of green energy vehicles = lower fuel demand around the globe.
I think green energy is little part which can affect oil demand,
How does 800,000 Barrels just go unnoticed, for even a millisecond???
Who's checking the checkers???
Unexpectedly LOL!!!!! Dorthy we not in Kansas anymore. Remember when they found out the Wizard was a man pushing buttons behind smoke and mirrors. Yea that's the stock market.
Just like magic huh? Liars. Thieves and liars.
Bro watch the News listen to the words. Watch and Spectate. The show is amazing. I laugh so hard and cry cause I lost $14,000 in the market to the lies.
I wish they'd provide estimates everybody knows as long as they beat estimates etc
Unexpectedly... who trust this?
stock market will return back soon
Nasiru SABO
about how much do I need to invest in a few barrows of that
it depends on how much you want to start up with or deposit the amount you wish to earn as your profits
how much is that stock
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