Stock Groups

Oil Inventories Unexpectedly Rise by 1.6M Barrels Last Week: API -Breaking


© Reuters.

By Yasin Ebrahim — U.S. crude oil inventories unexpectedly jumped last week, the API reported Tuesday, exacerbating concerns about a slowdown in demand amid intensifying lockdown measures in China and softer global growth fears.     

The benchmark oil price in the United States was $99.30/barrel after the report. It had fallen 3.2% to $100.11/barrel.

For the week of May, it rose by 1.6 Million Barrels 5. This is compared to the draw of 3.5million barrels that the API reported for the week before. According to economists, the drop was expected to be around 457,000 barrels. 

According to API data, gasoline inventories increased by 823,000 barrels while distillate stock rose by approximately 662,000 barrels.

On Wednesday, the government will release an official inventory report that is likely to reveal that U.S. weekly production fell by 457,000 barrels.