Oil Inventories Unexpectedly Rise by 2.56M Barrels Last Week: API

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Oil Inventories Unexpectedly Rise by 2.56M Barrels Last Week: API
Credit: © Reuters.

By Yasin Ebrahim

Investing.com - U.S. oil stockpiles unexpectedly increased last week for the first time since Dec. 22, denting optimism somewhat that supplies would continue to tightened amid sluggish pandemic-impacted demand.   

U.S. crude inventories rose by 2.56 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a draw of 5.82 million barrels the previous week. Gasoline inventories rose by 1.13 million barrels and distillate stocks increased by 816,000 barrels. 

Crude Oil WTI Futures , the U.S. benchmark for oil, fell 1 cent cents higher after settling up 26 cents at $53.24 per barrel.

The official government report due Friday is expected to show weekly U.S. crude supplies decreased by about 1.17 million barrels last week. 

 
 
 

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