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Oil futures dips on mixed API report as weekly gasoline stocks climb

investing.com 13/11/2024 - 22:07 PM

U.S. Crude Oil Futures Update

U.S. crude oil futures experienced a slight decline in post-settlement trading on Wednesday following an unexpected drop in weekly domestic inventories, as reported by the American Petroleum Institute (API). However, gasoline supplies saw a slight increase.

Current Prices

  • Crude Oil WTI Futures: Recently traded at $68.06 a barrel after settling at $68.43.

Inventory Changes

  • U.S. Crude Inventories: Fell by approximately 777,000 barrels for the week ending November 8. This contrasts with a build of 3.1 million barrels reported for the previous week.
  • Economists had anticipated a build of around 1 million barrels.
  • Gasoline Stockpiles: Rose by about 312,000 barrels.
  • Distillate Inventories (includes diesel and heating oil): Increased by 1.1 million barrels.

The official government inventory report is scheduled for release on Thursday at 10:30 a.m. EST (15:30 GMT).




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