Oil Inventories Rose by 2.9M Barrels Last Week: API

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By Yasin Ebrahim

Investing.com – U.S. oil stockpiles snapped six-straight weeks of declines on Wednesday at a time when the renewed spread of Covid-19 cases in some parts of the world threatens the demand outlook.   

U.S. crude inventories rose by 2.97 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a draw of 6.36 million barrels the previous week.

Crude Oil WTI Futures, the U.S. benchmark for oil, was up 2.64% after settling 3.5% higher at $38.05 a barrel on Wednesday. The surprise build comes a day ahead of the official government expected to show weekly U.S. crude supplies fell by 1.33 million barrels lasrt week.   

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