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Oil Inventory Unexpectedly Rose 5 Million Barrels: API

Published 06/22/2022, 04:34 PM
Updated 06/22/2022, 04:41 PM
© Reuters.

Investing.com -- Oil stockpiles unexpectedly rose last week, according to the latest data from the American Petroleum Institute.

Crude inventory rose 5.6 million barrels, compared with the draw of 1.43 million barrels expected. The data come a day before the government's own data on oil and refined products for the previous week. 

Distillate stockpiles showed a draw of 1.656 million barrels, while gasoline stocks rose 1.216 million barrels. Oil stored at the Cushing, Okla., facility declined by 0.390 million barrels.

The price of crude fell late Wednesday, with Crude Oil WTI Futures down more than 4%, to $104.44 a barrel. Brent Oil Futures crude also fell 4%, to $110 a barrel. 

Latest comments

without SPR it would be draws. smoke and mirrors.
So what do you expect high gasoline prices, ample supple of oil, lower demand because of the pump price of gas excess supply over demand simple economics 101.
spdr supply is not real supply - the minute spdr supply stops all the current issues will still be there and the EU will then be closer to being off rus oil - less supply for the demand - all that has happened is the issue has been pushed out a year then crunch - S/D economics 101
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