Oil Inventories Unexpectedly Fall by 2.5M Barrels Last Week: API

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Oil Inventories Unexpectedly Fall by 2.5M Barrels Last Week: API
Credit: © Reuters.

By Yasin Ebrahim

Investing.com - U.S. crude stockpiles unexpectedly fell last week, exacerbating expectations that supply will remain tight as demand continued to improve.                      

West Texas Intermediate , the benchmark traded at $84.56 barrel on the news, after settling up 2.7% cents at $84.15 a barrel.

U.S. crude inventories decreased by 2.5 million barrels for the week ended Nov. 2. That compared with a build of 3.6 million barrels reported by the API for the previous week. Economists were expecting a build of about 1.9 million barrels.

The API data also showed that gasoline inventories fell by 552,000 barrels last week, and distillate stocks increased by 573,000 barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies increased by about 2.1 million barrels last week.

 
 

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