Oil Inventories Jump by 7M Barrels Last Week: API

Oil Inventories Jump by 7M Barrels Last Week: API
© Reuters.

By Yasin Ebrahim

Investing.com — U.S. crude stockpiles increased sharply last week, the API reported Wednesday, adding to concerns about the impact on demand from slowing global growth.

West Texas Intermediate, the U.S. benchmark, traded at $87.05 a barrel following the report after settling down 2.3% at $87.27 a barrel.

U.S. crude inventories increased by 7.0 million barrels for the week ended Oct. 7. That compared with a draw of 1.8 million barrels reported by the API in the previous week.

The API data also showed that gasoline inventories rose by 2 million barrels last week, and distillate stocks fell by 4.6 million barrels.

The official government inventory report due Thursday is expected to show weekly U.S. crude supplies rose by 1.7 million barrels last week.

Source: Investing.com