U.S. Crude Oil Inventories Up: API

Muhammad Irfan Published February 01, 2023 | 12:40 PM

HOUSTON, Jan. 31 (UrduPoint / Pakistan Point News - 1st Feb, 2023 ) --:The American Petroleum Institute (API) on Tuesday reported an increase of 6.33 million barrels of crude oil in U.S. inventories for the week ending Jan. 27.

Analysts had expected a drop of 1 million barrels for this week.

The API reported a surge of 3.378 million barrels in the previous week.

Oil prices ended mixed on Tuesday as traders awaited a key policy decision from the Federal Reserve and latest data on U.S. fuel stockpiles.

The West Texas Intermediate (WTI) for March delivery rose 97 cents, or 1.25 percent, to settle at 78.87 U.S. Dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery lost 41 cents, or 0.48 percent, to close at 84.49 dollars a barrel on the London ICE Futures Exchange.