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Oil Inventories Rose by 2.3M Barrels Last Week: API -Breaking

by Mike Robinson

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© Reuters.

By Yasin Ebrahim

Investing.com reports that U.S. crude stocks rose faster than forecast last week. However, this didn’t alleviate concerns about rising demand in an energy shortage.                  

The benchmark closed at $84.47 per barrel after the news. It had previously settled up 89c at $84.65/barrel.

For the week of Oct. 15, production increased by 2.3 millions barrels This is compared to the 3.3 million barrels that the API reported for the week before. Analysts expected a build of around 1.7 million barrels.

API data also revealed that gasoline inventories increased by 530,000 barrels and distillate stock rose by 986,000 barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. increased by about 1.9 million barrels last week.

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