© Reuters. By Yasin Ebrahim
Investing.com – U.S. oil stockpiles rose sharply last week renewing concerns about the strength of demand at a time when storm-related disruptions in the oil-rich U.S. Gulf of Mexico has stifled output.
rose by 4.58 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a build of 584,000 barrels the previous week.
, the U.S. benchmark for oil, fell 1.37% after settling 2.6% higher at $39.57 a barrel.
The build comes a day ahead of the official government report expected to show weekly U.S. crude supplies fell by 1.2 million barrels last week.
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