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Crude Oil Drops After API Report Shows Buildup of US Inventories

February 6, 2019 at 12:33 by Vladimir Vyun

Prices for crude oil dropped today after a private report from American Petroleum Institute showed a buildup of US crude oil inventories by 2.5 million barrels last week. The actual increase was a bit higher than the analysts’ average forecast of 2.2 million barrels. The report followed Monday’s data from Genscape that showed an increase of stockpiles at the Cushing, Oklahoma, storage hub.

The Energy Information Administration will release an official government report today. Analysts had predicted ahead of the release that it will show a gain of US oil reserves by 1.3 million barrels for the previous week. The inventories increased by 0.9 million barrels the week before.

Futures for delivery of WTI crude oil in March declined 0.89% to $53.18 per barrel as of 12:17 GMT on NYMEX today. Brent crude for delivery in April dropped 0.86% to $61.45 per barrel on ICE.

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