US Crude Oil Inventories Rise by 2.1 Million Barrels
US Crude Oil Inventories Rise by 2.1 Million Barrels
New York - QNA
The latest American Petroleum Institute (API) weekly inventory data recorded a build of 2.1 million barrels compared with expectations of a draw of around 1.0 million for the week and following the 1.3 million draw reported last week.
A substantial draw in gasoline stocks should help limit the damage to prices from a surprise headline build in inventories.
Cushing stocks rose by 1.3 million barrels according to the data, which was much higher than the Genscape estimate of around a 0.3 million build for the week.
There was a substantial in gasoline stocks of 3.9 million, which should provide further significant relief over bloated gasoline stocks, while distillates recorded a draw of 1.6 million barrels.
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Dubai - Arab Today
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