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3/2, 10:41 PM (Source: TeleTrader)
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Reports: US crude oil stockpiles jump by 7.36M barrels

Crude oil inventories in the United States surged by 7.36 million barrels in the week ending February 26 compared to the week prior, despite analysts expected a mild decrease, data released by the American Petroleum Institute (API) reportedly showed on Tuesday. Oil reserves in Cushing, Oklahoma, allegedly increased by 0.73 million barrels.

Gasoline production in the US plunged by 9.93 million barrels on a weekly basis, while distillate output dipped 9.05 million barrels from the previous week's levels.

West Texas Intermediate (WTI) for settlements in April declined by 1% at 4:35 am ET to sell for $59.56 per barrel, while Brent for deliveries in May lost 1.22% to go for $62.54 per barrel five minutes later.

Breaking the News / GA