Oil Inventories Rose by 691,000 Barrels Last Week: API

Oil Down Over Unexpected Surge in U.S. Gasoline Inventories

By Administrator_ India

Capital Sands

U.S. oil stockpiles rose last week, renewing worries that the recovery in demand is under threat at a time when the second wave of Covid-19 is gathering steam.

U.S. crude inventories rose by 691,000 barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a draw of 9.5 million barrels the previous week.

Crude Oil WTI Futures, the U.S. benchmark for oil, was up 0.48% after settling 0.74% higher at $39.60 a barrel on Tuesday.

The build comes a day ahead of the official government report expected to show weekly U.S. crude supplies fell by 2.325 million barrels last week.

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