Crude oil inventories in the United States fell this week by 5.521 million barrels for the week ending March 8, according to The American Petroleum Institute API, largely contradicting analysts, who had predicted a 0.4 million barrel build.
Crude oil inventories in the United States fell this week by 5.521 million barrels for the week ending March 8, according to The American Petroleum Institute API , largely contradicting analysts, who had predicted a 0.4 million barrel build. The API reported an 423,000-barrel rise in crude inventories in the week prior. On Tuesday, the Department of Energy DoE reported that crude oil inventories in the Strategic Petroleum Reserve SPR rose by 0.6 million barrels as of March 8.
Inventories are now at 361.6 million barrels. Oil prices were down ahead of the API data release as the EIA increased slightly its forecast U.S. crue oil production. At 358 pm ET, Brent crude was trading down 0.16% on the day at $82.08, up just 5 cents per barrel compared to this time last week. The U.S. benchmark WTI was trading down on the day by 0.22% at $77.76 $78.17, down nearly $0.41 per barrel compared to last Tuesday. Gasoline inventories also fell this week, adding to the bullish sentiment. Gasoline inventories fell 3.750 million barrels, on top of the
Crude Oil Inventories United States American Petroleum Institute API Analysts Forecast Oil Prices Gasoline Inventories
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