Oil Inventories Rose by 1.4M Barrels Last Week: API By Investing.com

© Reuters.

By Yasin Ebrahim

Investing.com – U.S. oil stockpiles climbed last week, stoking fresh concerns about the demand outlook at a time when investors are hopeful that a vaccine-led rebound in travel will drive appetite for crude products.  

rose by 1.14 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a build of 4.1 million barrels the previous week. Gasoline rose by 6.4 million, the highest in eight months, distillates stocks by 2.32 million barrels. 

, the U.S. benchmark for oil fell 26 cents after settling down 16 cents at $45.60 per barrel.

The build comes a day ahead of the official government report expected to show weekly U.S. crude supplies decreased by about 1.4 million barrels last week. 

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