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3/31, 10:41 PM (Source: TeleTrader)
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API data shows growth in US oil inventories - report

Crude oil inventories in the United States surged by 10.48 million barrels in the week ending March 27, beating the estimates, private data from the American Petroleum Institute (API) reportedly showed on Tuesday. Meanwhile, oil stockpiles in Cushing, Oklahoma, increased by 2.93 million barrels over the same seven-day period.

Gasoline inventories rose by 6.08 million barrels, while distillate reserves declined by 4.46 million barrels, according to the report.

West Texas Intermediate for May settlement dropped by 1.56% to sell for $20.16 per barrel at 4:37 pm ET, while Brent for the same month's delivery lost 0.13% to go for 22.71 per barrel at 2:29 pm ET.

Breaking the News / GA