The API said on Wednesday evening that the U.S. inventory of crude oil grew by 5.9 million barrels in the week ending October 11th. Gasoline stockpiles were reported down 2.2 million barrels and distillates were down by 1.3 million barrels. Analysts surveyed by Platts were expecting a gain of 2.25 million barrels in the nation’s crude oil supply, a rise of 400,000 barrels in the gasoline supply, and a drop of 1.3 million barrels in the supply of distillates.
WTI crude prices dropped by $0.10 a barrel to $102.19 immediately after the API announcement. Crude prices rose about 1.1% late today following the agreement on a deal to end the government shutdown and temporarily to increase the nation’s debt ceiling.
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.