Oil Inventories Rise 6.0 Million Barrels Last Week: API By Investing.com


© Reuters

By Yasin Ebrahim

Investing.com – U.S. crude oil inventories rose more than expected last week, API reported on Wednesday, but that wasn’t enough to quell bullish bets on oil at $100 a barrel, as many believe that escalating tensions between Ukraine and Russia will disrupt global supply.

the US benchmark, was trading at $92.35 a barrel on the news, after stabilizing 0.21% lower at $92.10 a barrel.

rose 6.0 million barrels for the week ended February 17. This compared to a drawdown of 1.1 million barrels reported by the API for the previous week. Economists had expected production of around 767,000 barrels.

API data also showed gasoline inventories rose 427,000 barrels last week and distillate inventories fell 985,000 barrels.

The official government inventory report due Thursday is expected to show a weekly increase of around 442,000 barrels in the United States last week.

Warning: Merged media would like to remind you that the data contained in this site is not necessarily in real time or exact. All prices for CFDs (stocks, indices, futures) and Forex are not provided by exchanges but rather by market makers, and therefore prices may not be accurate and may differ from the actual market price, which which means that the prices are indicative and not suitable for commercial purposes. Therefore, Fusion Media assumes no responsibility for any business losses you may incur due to the use of this data.

Merged media or anyone involved with Fusion Media will accept no liability for any loss or damage resulting from reliance on the information, including data, quotes, charts and buy/sell signals contained in this website . Please be fully informed of the risks and costs associated with trading in the financial markets, it is one of the riskiest forms of investment possible.


Comments are closed.