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Oil Inventories Rise by 4.1M Barrels Last Week: API By


© Reuters.

By Yasin Ebrahim – U.S. crude stockpiles unexpectedly rose last week following a strong start to the week in oil prices amid global energy crunch in . 

After settling at 75.29 a bar, the benchmark declined to $74.33/barrel on news.

The week ending Sept. 24, saw an increase of about 4.1million barrels. This compares to the API’s previous weekly draw of 6.9 million barrels. The draw was expected to be about 2.3million barrels, according to economists.

API showed that gasoline inventories rose by around 3.6million last week and that distillate stocks increased approximately 2.5 million barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. declined by about 1.6 million barrels last week.

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