Oil Inventories Rise by More Than Expected 4.5 Million Barrels Last Week: API
By Yasin Ebrahim
U.S. crude stockpiles rose more than expected last week, the API reported Tuesday.
West Texas Intermediate, the U.S. benchmark, traded at $82.71 a barrel following the report after settling up 0.87% at $85.32 per barrel.
U.S. crude inventories increased by 4.5 million barrels for the week ended Oct. 21, the API reported, compared with estimates for a rise of 200,000 barrels, and a draw of 1.3 million barrels reported in the previous week.
The API data also showed that gasoline inventories fell 2.3 million barrels last week, while distillate stocks climbed by 635,000 barrels.
The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies rose by 1.0 million barrels last week.