Oil Inventories Rose by 3.9M Barrels Last Week: API By

© Reuters.

By Yasin Ebrahim – U.S. crude stockpiles rose substantially last week, according to industry data that exacerbated Tuesday’s losses in oil prices amid easing optimism over energy market recovery from the Covid-19 pandemic.

jumped by 3.91 million barrels for the week ended March 26, according to an estimate released Tuesday by the American Petroleum Institute. That compared with a build of 2.9 million barrels reported by the API for the previous week.

, the benchmark for U.S. crude prices, was down as much as $1.17 a barrel on the news, after settling down $1.01 at $60.55 a barrel.

The backdrop of lower prices comes amid a weaker outlook on demand recovery from OPEC . “While last month saw many positive developments, it also witnessed reminders of the ongoing uncertainties and fragility caused by the COVID-19 pandemic,” OPEC Secretary Mohammed Barkindo told the OPEC+ Joint Technical Committee on Tuesday, according to a statement.

The official government inventory report due Wednesday is expected to show weekly U.S. rose by about 107,000 barrels last week. 


The API also showed that gasoline inventories declined by about 6.0 million last week, compared with a 3.7 million draw in the prior week, and distillate stocks rising by about 2.6 million barrels. 



Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button