Oil Inventories Rose by 1.97M Barrels Last Week: API By Investing.com

© Reuters.

By Yasin Ebrahim

Investing.com – U.S. oil stockpiles climbed for the fifth-straight week as product inventories continued to build amid a weakening demand outlook.   

rose by 1.973 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a build of 1.14 million barrels the previous week. Gasoline rose by 1.9 million and distillates stocks by 828,000 barrels. 

, the U.S. benchmark for oil was 1.34% higher after settling up 1.34% at $47.62 per barrel.

The build comes as the International Energy Agency in the latest monthly oil market report trimmed its global demand forecast by 50,000 barrels per day.

Official government report due Wednesday expected to show weekly U.S. crude supplies decreased by about 1.937 million barrels last week. 

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