By Yasin Ebrahim
Investing.com -- U.S. crude stockpiles increased by less than expected last week, the API reported Tuesday, adding to expectations for slowing energy demand into the end of the year as global growth stutters.
West Texas Intermediate , the U.S. benchmark, traded at $84.09 a barrel following the report after settling down 1.5% at $84.45 a barrel.
U.S. crude inventories rose by 1.0 million barrels for the week ended Sept. 16. That compared with a build of 6.0 million barrels reported by the API in the previous week. Economists were expecting an increase of about 2.3 million barrels.
As well as slowing demand, crude prices have also been hurt by expectations that the U.S. will release more petroleum from its strategic reserves through November.
The U.S. said Monday it would sell an additional 10 million barrels of oil from its strategic reserves in November.
The API data also showed that gasoline inventories increased by 3.2 million barrels last week, and distillate stocks rose by 1.5 million barrels.
The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies rose by 2.2 million barrels last week.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.