10/8, 10:44 PM (Source: TeleTrader)
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API shows marked increase in crude inventories - report

As traders learned from media in the United States on Tuesday, American Petroleum Institute's (API) weekly report revealed a larger-than-expected increase in crude oil in US stockpiles. The volume reportedly jumped 4.13 million barrels in the week through October 4, considerably exceeding projections. Reserves in the industry hub in Cushing, Oklahoma reportedly rose by 1.24 million barrels.

The report showed a drop of 4.5 million barrels in the volume of gasoline and a 3.98 million barrel decrease in distillates. However, traders will be on the lookout for tomorrow's official figures released by the Department of Energy.

West Texas Intermediate for delivery in November slid 0.59%, changing hands for $52.52 a barrel at 4:42 pm ET, while Brent international benchmark for December delivery added sank 0.43%, to go for $58.17 per barrel at the same time.

Breaking the News / GG