7/20, 10:35 PM (Source: TeleTrader)
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US oil inventories up by 806K barrels - report

United States crude inventories increased last week, private data showed on Tuesday. According to media reports, the American Petroleum Institute (API) said in its weekly report that US crude stockpiles grew by 806,000 barrels. Reserves in the industry hub in Cushing, Oklahoma, decreased by 3.6 million barrels.

Meanwhile, the report is also said to have shown a jump of 3.3 million barrels in gasoline inventories and a 1.2 million decline in distillate stockpiles. Traders are now awaiting official figures from the Energy Information Administration (EIA).

Oil prices climbed following the report release. Brent for October delivery rose 0.54% to sell for $68.60 per barrel, while West Texas Intermediate for settlements in September added 0.71% to trade for $67.06 per barrel at 4:40 pm ET.

Breaking the News / LH