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Oil Inventories Jump by 5.2M Barrels Last Week: API By Investing.com

by Mike Robinson

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© Reuters.

By Yasin Ebrahim

Investing.com reports that U.S. crude oil stocks increased more than was expected, and gasoline supplies declined sharply in a time of high demand.           

The benchmark was traded at $80.59 per barrel after the news. It settled up 0.2% at $80.44/barrel.

The week ending Oct. 8 saw an increase of 5.2 million barrels. This compares to the API’s report of 9511,000 barrels for the week prior. The expected build was around 140,000 barrels, according to economists.

API showed also that gasoline inventories decreased by approximately 4.6 Million last week and distillate stock declined by approximately 2.75 million barrels.

The official government inventory report due Thursday is expected to show weekly U.S. increased by about 702,000 barrels last week.

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