Oil Inventories Unexpectedly Fall by 2.5M Barrels Last Week: API By Investing.com

© Reuters.

By Yasin Ebrahim

Investing.com – U.S. crude stockpiles unexpectedly fell last week, exacerbating expectations that supply will remain tight as demand continued to improve.                      

, the benchmark traded at $84.56 barrel on the news, after settling up 2.7% cents at $84.15 a barrel.

decreased by 2.5 million barrels for the week ended Nov. 2. That compared with a build of 3.6 million barrels reported by the API for the previous week. Economists were expecting a build of about 1.9 million barrels.

The API data also showed that gasoline inventories fell by 552,000 barrels last week, and distillate stocks increased by 573,000 barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. increased by about 2.1 million barrels last week.


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