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Oil Inventories Rose by 872,000 Barrels Last Week: API -Breaking


© Reuters.

By Yasin Ebrahim U.S. crude oil stockpiles dropped more than anticipated, as investors price in supply disruptions that could prop up oil prices.  

After settling at $85.60, a 2.8% increase, ‘US benchmark’ traded at $85.08 a barrel.

fell by 872,000 barrels for the week ended Jan. 21. This is compared to the API’s previous week report of 1.4million barrels. The draw was expected to be around 400,000 barrels, according to economists. 

API data showed that gasoline inventories rose by 2.4 Million barrels and that distillate stocks declined by 2.2 Million barrels.

On Thursday, the government will release an official inventory report that is likely to reveal that U.S. weekly production fell by around 728,000 barrels.


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