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Oil Inventories Unexpectedly Rise by 0.951M Barrels Last Week: API By


© Reuters.

By Yasin Ebrahim U.S. crude stocks unexpectedly increased last week. However, concerns about supply shortages remain front-and-center at a time when the demand for oil will increase as more economies reopen.        

The benchmark was trading at $79.12/barrel on the news after it settled up 1.7% to $78.93/barrel.

For the week of Oct. 1, it increased by 951,000,000,000 million barrels. This is compared to the 4.1 million barrels that the API reported for the week before. The draw was expected to be around 300,000.

API data also revealed that gasoline inventories increased by approximately 3.7 million and distillate stock rose by around 345,000,000,000 barrels.

Oil prices started the started the week on the front foot after OPEC+ maintained its plan to gradually increase output by 400,000 additional barrels of oil per month defying calls from the White House to boost production further,

The official government inventory report due Wednesday is expected to show weekly U.S. declined by about 418,000 barrels last week.

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