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Oil Inventories Unexpectedly Rise by 1.6M Barrels Last Week: API

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By Yasin Ebrahim

Investing.com — U.S. crude oil inventories unexpectedly jumped final week, the API reported Tuesday, exacerbating issues a few slowdown in demand amid intensifying lockdown measures in China and softer international progress fears.     

, the U.S. benchmark, traded at $99.30 barrel following the report after settling down 3.2% at $100.11 per barrel.

elevated by 1.6 million barrels for the week ended Could. 5. That in contrast with a draw of three.5 million barrels reported by the API for the earlier week. Economists have been anticipating a lower of about 457,000 barrels. 

The API information additionally confirmed that gasoline inventories rose by 823,000 barrels final week, whereas distillate shares elevated by about 662,000 barrels.

The official authorities stock report due Wednesday is predicted to indicate weekly U.S. fell by about 457,000 barrels final week.

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