2/23, 10:34 PM (Source: TeleTrader)
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US oil inventories rise by 1.03M barrels - report

United States crude inventories climbed this week topping market estimates which suggested a significant drop, the American Petroleum Institute's data reportedly showed on Tuesday. According to media reports, the API revealed that US crude stockpiles rose by 1.03 million barrels.

Cushing inventories increased by 2.8 million barrels, while gasoline inventories rose by 0.07 million barrels. Both figures surpassed expectations which pointed towards a decrease. On the other hand, distillate inventories fell more-than-expected 4.5 million barrels.

Some analysts are suggesting the data was widely affected by the harsh winter weather currently present in some parts of the country. Futures of both West Texas Intermediate and Brent slightly declined following the report.

Breaking the News / ND