WTI crude prices were unmoved by Tuesday's API crude inventory data report
Crude oil inventories in the United States rose this week, by 423,000 barrels for the week ending March 1, according to The American Petroleum Institute API, after analysts had predicted a 2.6 million barrel build. The API reported an 8.428-million-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 0.7 million barrels as of March 1.
03, down more than $1 per barrel compared to this time last week. The U.S. benchmark WTI was trading down on the day by 0.72% at $78.17, down nearly $0.50 per barrel compared to last Tuesday. Gasoline inventories fell this week by 2.8 million barrels, on top of the 3.272 million barrel inventory drop in the week prior. As of last week, gasoline inventories were about 2% below the five-year average for this time of year, according to the latest EIA data.
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