Stock Groups

Oil Inventories Unexpectedly Drop by 6.1M Barrels Last Week: API -Breaking

by Mike Robinson

[ad_1]

© Reuters.

By Yasin Ebrahim

Investing.com – U.S. crude stocks unexpectedly dropped more than predicted last week, API reported Wednesday. The report exacerbated concerns about tight supply just as U.S. Oil prices rose above $100/barrel for the first time since 2014.   

After settling at $106.78, the U.S. benchmark oil,, the U.S. benchmark was traded at $106.31 barrel.

For the week ending Feb. 24, crude oil production fell by 6.1 millions barrels. This compares to 6 million barrels of API data for the prior week. The expected build was 2.8 barrels, according to economists. 

According to API data, gasoline inventories decreased by 2.5 million barrels over the week and distillate stock increased by 400,000.

On Wednesday, the official government inventory report is due to reveal that weekly U.S. crude oil consumption increased by approximately 2.7 million barrels.

 

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]