By Yasin Ebrahim
Investing.com - U.S. oil stockpiles rose last week, renewing worries that the recovery in demand is under threat at a time when the resurgence of the coronavirus threatens the demand outlook.
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 3.25% 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 rose by 2.325 million barrels last week.