Crude inventories of USA rose less-than-expected last week, as per a report released on Tuesday, bolstering expectations of a slowdown in energy demand towards the end of the year as Global growth falters.
The US West Texas Intermediate Benchmark, Traded at $84.09 a Barrel after the Report, having settled at 1.5% to $84. 45 per Barrel. American Crude inventories rose 1.0 million barrels in the week ended on September 16. Compared to a build up of 6.0 million barrels reported by the API in the past week. As per the expectations of Economists there should be an increase of around 2.3 million barrels.
In addition to weakening demand,. Crude oil prices have also been impacted. Expectations that the US will release more oil from its strategic reserves by November.
The United States said on Monday it would sell another 10 million barrels of oil from its strategic reserves in November.
The latest API data also showed that gasoline inventories rose 3.2 million barrels last week and distillate inventories rose 1.5 million barrels. The Official Government Inventory Report Released on Wednesday is Expected to show that US Weekly Crude Stocks.