Crude Oil Prices Fall on API Reports of Inventory Increase
- 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
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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.
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