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Oil Inventories Rose by 4.2M Barrels Last Week: API

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By Yasin Ebrahim

Investing.com - U.S. oil stockpiles rose sharply last week, exacerbating investor concerns about falling demand in the wake of the surge in Covid-19.

U.S. crude inventories rose by 4.2 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a build of 5.1 million barrels the previous week.

Crude Oil WTI Futures, the U.S. benchmark for oil slipped 0.3% after settling 0.2% higher at $41.43 per barrel.

The build comes a day ahead of the official government report expected to show weekly U.S. crude supplies increased by about 1.7 million barrels last week.

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