Oil tanks
The American Petroleum Institute (API) said crude oil inventories jumped by 9.8 million barrels in the week ended Feb. 17.
API’s weekly report revealed that gasoline inventories added 894,000 barrels last week, with distillate inventories also up by 1.3 million barrels.
The US Energy Information Administration (EIA) is due to release official inventory data later today, Feb. 23, with crude inventories set to see 2.9 million barrels more.
Oil prices declined at the settlement of trading on Feb. 22 , as Brent crude futures for April delivery fell by 3% to $80.60 a barrel. US West Texas crude for the same delivery also slipped 3.2% to $73.95 per barrel.
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