US oil inventories rise by 12 mln barrels last week: API

08/11/2023 Argaam
Oil tanks

Oil tanks

The American Petroleum Institute (API) said that US oil inventories rose by 11.9 million barrels in the week ended Nov. 3.

 

Gasoline stocks decreased by 400,000 barrels last week, while distillate stocks (including diesel and heating oil) increased by one million barrels, API said in its weekly report.

 

The US Energy Information Administration will announce its weekly official data on US inventories on Nov. 15. The delay is to complete the planned systems update, with the oil inventory report being issued for two weeks.

 

Oil prices closed lower on Nov. 7 as futures contracts for standard Brent crude for January delivery fell by 4.2%, or $3.57, to $81.61 per barrel – the lowest level since July 26.

 

WTI crude for December delivery also fell by 4.25%, or $3.45, to record $77.37 per barrel. The contract recorded the lowest close since July 21.

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