Sunday, March 26, 2023

Oil Inventories Fall by 8M Barrels Last Week: API By


© Reuters.

By Yasin Ebrahim – U.S. oil stockpiles fell sharply last week easing investor concerns about falling demand in the wake of the resurgence in Covid-19. 

fell by 8 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a build of 4.85 million barrels the previous week.

, the U.S. benchmark for oil rose 3.7% after settling 2.3% higher at $37.66 per barrel.


The build comes a day ahead of the official government report expected to show weekly U.S. crude supplies increased by 0.89 million barrels last week.

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