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Breaking: Oil Inventories Jumped by 7.6M Barrels Last Week: API

Published 05/13/2020, 04:45 AM
Updated 05/13/2020, 04:52 AM
© Reuters.
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By Yasin Ebrahim 

Investing.com - U.S. crude stockpiles rose last week, according to an estimate from the American Petroleum Institute released Tuesday.

The API said crude inventories increased by 7.6 million for the week ended May. 8. That was above expecatations for a rise of 5 million barrels, according to forecasts compiled by Investing.com.

Analysts expect that the Energy Information Administration will report a build of 4.1 million barrels when it issues numbers tomorrow morning. The EIA numbers are due at 10:30 AM ET (14:30 GMT).

Inventories at the Cushing, Okla. hub, where storage capacity has become a big concern amid a glut in supplies, fell by 2.26 million barrels.

U.S. crude oil futues were up 4.89% following the release, after settling up 6.8% at $25.78 a barrel today in regular trading.

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