9/17, 10:33 PM (Source: TeleTrader)
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API measures surprise rise in US oil inventories - report

Oil prices extended losses on Tuesday after private data showed an unexpected rise in the United States oil inventories. According to media reports, the American Petroleum Institute (API) said in its weekly report that US crude stockpiles increased by 592,000 barrels in the week ending September 13. Meanwhile, reserves in the industry hub in Cushing, Oklahoma, fell by 840,000 barrels.

The report is said to have shown a jump of 1.6 million barrels in the volume of gasoline, while distillates measured a rise of 2 million barrels. Traders are now awaiting official figures from the Energy Information Administration (EIA) scheduled for Wednesday.

Brent for deliveries in November slid 5.73% to sell for $64.12 per barrel at 4:27 pm ET and West Texas Intermediate (WTI) for settlements in October dropped 4.33% to go for $59.03 per barrel at 4:22 pm ET.

Breaking the News / NP