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Oil Inventories Unexpectedly Fall by 2.5M Barrels Last Week: API

Published 11/09/2021, 04:43 PM
Updated 11/09/2021, 04:52 PM
© Reuters.

By Yasin Ebrahim

Investing.com - U.S. crude stockpiles unexpectedly fell last week, exacerbating expectations that supply will remain tight as demand continued to improve.                      

West Texas Intermediate, the benchmark traded at $84.56 barrel on the news, after settling up 2.7% cents at $84.15 a barrel.

U.S. crude inventories decreased by 2.5 million barrels for the week ended Nov. 2. That compared with a build of 3.6 million barrels reported by the API for the previous week. Economists were expecting a build of about 1.9 million barrels.

The API data also showed that gasoline inventories fell by 552,000 barrels last week, and distillate stocks increased by 573,000 barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies increased by about 2.1 million barrels last week.

 
 

Latest comments

Oil to $150 per bbl
Really
People whats your take on CAD,,,we are talking about correlation now
If it doesn't match the expectations it is unexpected, doesn't matter if the expectations are based on a wild guest or actual market driven factors.
Thank the troops for terrorizing countries selling oil for cheaper than American oligarchs!!!! Ooh rah! Raise taxes and pay troops, swine, and teachers more!!!!
Yikes
So how do we trust the numbers any more? The bias has became so political within the markets. Post some number and let the game begin is all that is happening. Who ever knows the start is the winner. Watch tomorrows number of Barrels for some reason they will probably be away UP to level out the number for today. But my bet is the gov't has already started drawing a lot more than they're telling. When the Biden Admin is already getting letters from friendly Democrat Senators telling them to release the reserves. These people love chaos!
oil inventories fall > oil price up > stock market up > they start fear mongering the market by talking about inflation..
so the price will rise again, no?!
why have no one picked me up yet
Whup. And there goes the indices.
hay
maybe we should open the pipeline
Exactly
Sure! Oh wait you mean the Keystone pipeline? You know that already exists right? Perhaps you meant the XL pipeline… the shortcut to get the CANADA OWNED tar sands to the US refineries which after processed would… you guessed it, GO RIGHT BACK TO CANADA CAUSE ITS CANADAS OIL NOT OURS. The XL pipeline was just gonna make some rich people richer nothing more. Additionally itnwould only produce about 2% of the amount of oil america uses per year. Canada sells their oil at market prices too so not like we getting a discount much… pays to understand what you talking about before blabbering on nonsense fox new talking points.
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