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3/15, 9:37 PM (Source: TeleTrader)
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US oil inventories up by 3.75M 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 jumped by 1.75 million barrels. Reserves in the industry hub in Cushing, Oklahoma, climbed by 2.3 million barrels.

Meanwhile, the report is also said to have shown a drop of 3.8 million barrels in gasoline inventories and an 888,000 rise in distillate stockpiles. Traders are now awaiting official figures from the Energy Information Administration (EIA) scheduled for Wednesday.

Oil prices continued to fall after the report was released. Brent for May delivery dropped 6.99% to sell for $98.59 per barrel at 4:31 pm ET and West Texas Intermediate (WTI) for settlements in April slid 6.90% to go for $95.02 per barrel at the same time.

Baha Breaking News (BBN) / NP