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Oil Inventories Unexpectedly Rise by 2.3M Barrels Last Week: API -Breaking

by Mike Robinson

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© Reuters.

By Yasin Ebrahim

Investing.com – U.S. crude stockpiles unexpectedly rose last, according to data from the API.     

The benchmark closed at $78.62 per barrel after the news. It had previously settled up 2.5% to $78.67/barrel.

The week ending Nov. 16 saw an increase of 2.3 million barrels. This is compared to the draw of 655,000 barrels that the API reported for the week before. Analysts expected a draw of approximately 950,000 barrels. 

API data showed that gasoline inventories increased by 600,000. barrels and that distillate stocks declined by 1.5 Million barrels. 

On Wednesday, the government will release an official inventory report that is likely to reveal that U.S. weekly production fell by approximately 481,000 barrels.

 

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