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

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© 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.

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