Oil inventories rose 3.eight million barrels final week: API

© Reuters.

By Yasin Ebrahim

Investing.com – US oil inventories rose last week on rising gasoline inventories as lockdown measures in parts of the US to contain the virus kept fuel demand under control.

rose 3.8 million barrels last week, according to an estimate by the American Petroleum Institute, after 4.2 million barrels had been built the previous week. Gasoline stocks rose by 1.3 million barrels.

The US benchmark for oil rose 4.3% after rising at $ 44.911 a barrel.

Construction comes a day ahead of the official government report that weekly U.S. crude oil inventories are expected to have increased by about 0.13 million barrels over the past week.

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