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Oil Inventories Unexpectedly Fall by 2.5M Barrels Last Week: API -Breaking


© Reuters.

By Yasin Ebrahim U.S. crude stocks unexpectedly dropped last week. This increased expectations of tight supply as improved demand.                      

The benchmark closed at $84.56 barrel following the release of the news. It had risen 2.7% to $84.15/barrel

The week ending Nov. 2 saw a decrease of 2.5 million barrels. This is compared to the 3.6 million barrels that the API reported for the week before. The expected build was about 1.9million barrels, according to economists.

According to API data, gasoline inventories decreased by 552,000 barrels over the week and distillate stocks rose by 573,000 barrels.

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The official government inventory report due Wednesday is expected to show weekly U.S. increased by about 2.1 million barrels last week.


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