US oil inventories up by 4.5 mln barrels: API

26/10/2022 Argaam
Oil tanks

Oil tanks

The American Petroleum Institute (API) said crude oil inventories jumped by 4.5 million barrels in the week ended Oct. 21.

 

API’s weekly report revealed that gasoline inventories shed 2.3 million barrels last week, while distillate inventories gained 635,000 barrels.

 

The US Energy Information Administration (EIA) is due to release official inventory data later today, Oct. 26, with crude inventories set to see 300,000 barrels less.

 

Oil prices advanced at the settlement of yesterday’s trading, as Brent crude futures for December delivery rose by 0.3% to $93.52 a barrel. US West Texas crude for December delivery also surged 0.9% to $85.32 per barrel.

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