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Crude Oil Prices Fall on API Reports of Inventory Increase

Crude Oil Prices Fall on API Reports of Inventory Increase

Varun Jaitly, Contributor


Talking Points

  • Crude oil prices fell nearly 1 percent as the API reported inventories increased 4.8 mb
  • The EIA will report its crude inventory data tomorrow, analysts expect a 2 mb increase
  • Crude inventories as reported by the DOE have fallen in six out of the past seven weeks

See what live coverage is scheduled to cover key event risk for the FX and capital markets on the DailyFX Webinar Calendar.

Crude oil prices fell nearly 1 percent after the American Petroleum Institute reported that inventories increased by 4.8 million barrels in the previous week. This announcement marks the largest increase in stockpiles since December of 2015, which saw an increase of 6.2 million barrels.

The API data also comes a day before the Energy Information Agency releases its weekly petroleum status report, which is expected to show inventories increased 2 million barrels over the previous week. Stockpiles rose in just one of the past seven weeks.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.