Private data shows rise in US oil stockpiles
United States crude inventories rose in the week ending June 10, private data showed on Tuesday. According to media reports, the American Petroleum Institute (API) said in its weekly report that US crude stockpiles increased by 3.9 million barrels. Meanwhile, reserves in the industry hub in Cushing, Oklahoma, fell by 3.3 million barrels.
The report also reportedly showed an increase of 4.3 million barrels in gasoline inventories, while distillate stockpiles grew by 919,000 barrels. Traders are now awaiting official figures from the Energy Information Administration (EIA) scheduled for Wednesday.
Oil prices pared gains after the report was released. Brent for August delivery was up 1.60% to sell for $40.56 per barrel at 4:32 pm ET and West Texas Intermediate (WTI) gained 2.02% to go for $37.79 per barrel at 4:33 pm ET.
Get involved!
Comments