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Oil Inventories Unexpectedly Rose by 1.1M Barrels Last Week: API -Breaking

by Mike Robinson

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© Reuters.

By Yasin Ebrahim

Investing.com — U.S. crude oil stockpiles suddenly rose last week. This comes as traders weigh up the effect on demand after a revival of Covid-19 production in China and fears about tighter supplies as Europe lifts its embargo against Russia.  

After the report’s $101.96c settlement, the U.S. benchmark traded at $100.70 a barrel, having settled $104.24 less per barrel.

The week ending March 31st saw an increase of 1.1 million barrels 31. This is compared to the draw of 3.0million barrels that the API reported for the week before. According to economists, the drop was expected at least 1.6 millions barrels. 

According to API data, gasoline inventories decreased by 543,000 barrels over the week and distillate stocks rose by 593,000 barrels.

On Wednesday, the government will release an official inventory report that is likely to reveal that U.S. weekly production fell by around 2.1million barrels.

 

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