Oil Inventories Rose by 0.584M Barrels Last Week: API


© Reuters.

By Yasin Ebrahim

Investing.com – U.S. oil stockpiles rose last week, adding to concerns that rising Covid-19 cases and the ensuing lockdowns are beginning to weigh on crude demand.    

rose by 0.584 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a draw of 5.4 million barrels the previous week.

, the U.S. benchmark for oil, rose 0.73% after settling 1.54% higher at $41.46 a barrel.

The build comes a day ahead of the official government report expected to show weekly U.S. crude supplies fell by 1.021 million barrels last week.

 

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