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Oil Inventories Fall by 9.5 Million Barrels Last Week: API

Published 09/15/2020, 04:30 PM
Updated 09/15/2020, 04:44 PM
© Reuters.

© Reuters.

By Yasin Ebrahim

Investing.com - U.S. oil stockpiles fell sharply last week, easing worries that the recovery in demand is under threat.  

U.S. crude inventories fell by 9.5 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a build of 2.97 million barrels the previous week.

Crude Oil WTI Futures, the U.S. benchmark for oil, was up 3.25% after settling 2.74% higher at $38.28 a barrel on Tuesday.

The surprise draw comes a day ahead of the official government report expected to show weekly U.S. crude supplies rose by 1.271 million barrels last week.

The rise in oil prices comes as experts continue to warn on weaker crude demand. 

The International Energy Agency said it expects global oil demand growth to fall by 8.4 million barrels per day year-on-year to 91.7 million bpd. That is a deeper contraction than the 8.1 million bpd decline previously estimated.


   

Latest comments

thank you for being an expert
You mean a surprise decline, not a build. Had the article pre-written I see.
the subskrab
ለዮቱብ
even most hitted places by the pandemic are back on their feet. Here in Brazil oil demmand is peaking to normal levels seeing last year.
oil is not going anywhere, wait for the full recovery and oil will be 60 bucks again, the time to buy oil stocks is now, if covid was ***billions of people well then your last worry would be an oil trade but with only a million dead it's nothing compared to regular deaths....etc....buy oil now while it is cheap. ok my 2 cents.
Surprise build?
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