US oil stocks increased by more than 4 mln barrels: API

08/08/2023 Argaam

US oil stocks increased by more than 4 mln barrels: API

The American Petroleum Institute (API) said that US oil inventories rose by 4.07 million barrels in the week ended Aug. 4.

 

In its weekly report, API stated that gasoline stocks fell by 413,000 barrels last week and distillate stocks decreased by 2.09 million barrels.

 

On Aug. 9, the US Energy Information Administration is scheduled to release official data on inventories, amid expectations that crude stocks will decline by 233,000 barrels.

 

Meanwhile, oil prices closed higher on Aug. 8 with Brent crude futures for October delivery up 0.95%, or 83 cents, at $86.17 a barrel.

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