Oil inventories jump 5.2 million barrels last week: API by Investing.com

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© Reuters.

By Yasin Ebrahim

Investing.com – US crude inventories rose more than expected last week, as gasoline supplies fell sharply at a time when demand is expected to remain high.

, the benchmark was trading at $ 80.59 per barrel on the news, after stabilizing at 0.25% at $ 80.44 per barrel.

rose 5.2 million barrels for the week ended Oct. 8. This is compared to a construction of 951,000 barrels reported by API for the previous week. Economists expected construction of around 140,000 barrels.

API also showed gasoline inventories fell by about 4.6 million barrels last week and distillate inventories declined by about 2.7 million barrels.

The official government inventory report due Thursday is expected to show a weekly increase of about 702,000 barrels in the United States last week.

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