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API: US oil stocks rose by 14.8 million barrels

Adel 11 January, 2023 3:55 pm Market Update

The American Petroleum Institute said that crude oil inventories rose by 14.8 million barrels in the week ending on the sixth of January.

In its weekly report, the Petroleum Institute stated that gasoline stocks rose by 1.8 million barrels, and distillate stocks increased by 1.1 million barrels.

Today, Wednesday, the US Energy Information Administration is scheduled to release official data on inventories, amid expectations that crude stocks will drop by two million barrels.

And oil prices rose when trading settled on Tuesday, as Brent crude futures for March delivery rose 0.6% at $80.10 a barrel, and US West Texas crude for February delivery increased 0.7%, or 49 cents, to $75.12.

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