Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Oil inventories unexpectedly rise by 7.8M barrels last week: API

Published 14/12/2022, 08:44 am
Updated 14/12/2022, 08:44 am
© Reuters.

© Reuters.

By Yasin Ebrahim

Investing.com -- U.S. crude stockpiles unexpectedly rose last week, with product stockpiles including gasoline also racking up gains, the API reported Tuesday.

West Texas Intermediate, the U.S. benchmark, traded at $75.25 a barrel following the report after settling up 3% at $75.39 a barrel. 

U.S. crude inventories increased by 7.8 million barrels for the week ended Dec. 9. That compared with a draw of 6.4M barrels reported by the API for the previous week.

Economists were expecting a draw of 3.9M barrels. 

API data also showed that gasoline inventories rose by about 877,000 barrels last week, and distillate stocks increased by 3.9M barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies fell by about 3.6M barrels last week.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.