Oil Inventories Rose Pressuring Down Price, Trade Association Data Shows
Oil prices ticked down as inventories rose more than expected, according to American Petroleum Institute data
Oil prices ticked down as inventories rose more than expected, according to American Petroleum Institute data
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Crude oil stockpile of U.S. rose more than expected last week along with a large draw a Crushing, Oklahoma points towards tighter supply. Besides renewed COVID-19 restrictions across Europe threatens demand side for oil.
The WTI Crude oil inched down to $79.94 down by 1.02% while the Brent down to $81.60 down by 1.01%, as of Thailand time 14:09 hours.
According to American Petroleum Institute (API) data, U.S. crude oil inventories creased by 655,000 barrels for the week ended on November 9 compared to forecasted build of about 1.5 million barrels.
Meanwhile, crude stocks at the Crushing, Oklahoma storage and delivery fell to about 2.8 million barrels.
Gasoline inventories fell by 491,000 barrels last week while distillate stocks increased by 107,000 barrels, according to API data.