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Oil Inventories Rose by 1.4M Barrels Last Week: API

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By Yasin Ebrahim

Investing.com - U.S. oil stockpiles climbed last week, stoking fresh concerns about the demand outlook at a time when investors are hopeful that a vaccine-led rebound in travel will drive appetite for crude products.

U.S. crude inventories rose by 1.14 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a build of 4.1 million barrels the previous week. Gasoline rose by 6.4 million, the highest in eight months, distillates stocks by 2.32 million barrels.

Crude Oil WTI Futures, the U.S. benchmark for oil fell 26 cents after settling down 16 cents at $45.60 per barrel.

The build comes a day ahead of the official government report expected to show weekly U.S. crude supplies decreased by about 1.4 million barrels last week.

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