US oil inventories up 1.35 million barrels last week: API

31/10/2023 Argaam

The American Petroleum Institute (API) said that US oil inventories rose by 1.35 million barrels during the week ended Oct. 27.

 

Gasoline stocks decreased by 357,000 barrels last week, while distillate stocks—which include diesel and heating oil—fell by 2.3 million barrels, the API report showed.

 

The US Energy Information Administration is scheduled to release official inventory data on Nov. 1, amid expectations that crude stocks will increase by 1.6 million barrels.

 

Meanwhile, oil closed lower today, Oct. 31, as futures contracts for standard Brent crude for January delivery (the most active) fell by 1.55%, or $1.33, at $85.02 per barrel.

 

WTI crude for December delivery fell by 1.55%, or $1.29, to $81.02 per barrel, recording a monthly loss of 8.75%

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