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Oil Inventories Rise by 1.0M Barrels Last Week: API

Oil Inventories Rise by 1.0M Barrels Last Week: API
© Reuters.

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.

Source: Investing.com

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