API Oil Inventories (Last Two Months) |
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Source: American Petroleum Institute |
Crude oil supplies rose by 3 million barrels during the week ended Feb. 2, the
American Petroleum Institute
(API) reported Tuesday. According to a
Reuters
poll, analysts were looking for a build of 2.1 million barrels. Total supplies of crude oil now stand at 285.85 million barrels, which is just about where it was a year ago.
For the same period ended Feb. 2, distillate stocks (heating oil and diesel fuel) decreased by 157,000 barrels, bringing the total to 112.84 million. Analysts were looking for a much larger decline of 1.5 million barrels, according to
Reuters
. Supplies are now at a 6.87 million-barrel surplus compared to a year ago.
