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Petroleum Institute: US oil stocks rose by 3.3 million barrels

Adel 5 January, 2023 4:20 pm Market Update

The American Petroleum Institute said that crude oil inventories rose by 3.3 million barrels in the week ending on the 30th of last December.

In its weekly report, the American Institute stated that gasoline stocks rose by 1.2 million barrels, while distillate stocks decreased by 2.4 million barrels.

Today, Thursday, the US Energy Information Administration is scheduled to announce inventory data, amid expectations that crude stocks will rise by 1.5 million barrels.

And oil prices fell when settling on Wednesday, as Brent crude futures fell 5.2%, to record $77.84 a barrel, and US West Texas crude for February delivery fell by 5.3%, at $72.84.

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