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Oil Inventories Rise by Less-Than-Expected 665K Barrels Last Week: API -Breaking

by Mike Robinson

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© Reuters.

By Yasin Ebrahim

Investing.com: U.S. crude stocks fell less than anticipated last week. A large draw at Cushing (Oklahoma) continued to indicate tight supply in a time of fresh Covid-19 restrictions throughout Europe.   

After settling at $80.76 per barrel, $79.72 was the benchmark, which traded on the news at 12 cents.

The week ending Nov. 9 saw an increase of 655,000 barrels That’s compared to an API draw of 2.5million barrels for the prior week. Analysts expected a draw of approximately 1.5 million barrels. 

Crude stocks at the Cushing Oklahoma storage and delivery fell 2.8 million barrels.   

Data from API also revealed that gasoline inventories dropped by 491,000 barrels and distillate stock increased by 107,000 barrels. 

Expect the weekly U.S. increase to be around 1.4million barrels in Wednesday’s official government inventory report.

 

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