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Oil Inventories Rise by 3.8M Barrels Last Week: API -Breaking

by Mike Robinson

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© Reuters.

By Yasin Ebrahim

Investing.com — U.S. crude oil stockpiles unexpectedly rose last week, according to API. This added further pressure on oil prices after two days of selling. Investors have reacted with caution as they anticipate prolonged disruptions in supply due to the Ukraine-Russia war. 

The U.S. benchmark traded at $95.06 a barrel immediately after the report. It had fallen 6.4% to $96.44 an barrel.

For the week ending March 31, Volume increased by 3.8 Million Barrels 10. This compares to the API report for the week prior, which reported a draw of about 1.9 million barrels. The draw was expected to be around 1.9 million barrels, according to economists. 

Prices of oil fell further to $100/barrel this week, erasing the majority of gains made in the Ukraine-Russia war. However, there are still hopes for peace negotiations that will bring about a peaceful resolution.    

According to API data, gasoline inventories decreased by 3.8M barrels over the week and distillate stocks rose by 8888,000 barrels.

On Wednesday, the official government inventory report is due to reveal that weekly U.S. crude oil consumption has fallen by approximately 1.4 million barrels.

 

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