US stockpiles pose a new threat to oil prices

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Trade sources said, citing data from the American Petroleum Institute, on Tuesday that crude oil inventories in the United States recorded a sharp increase last week.

The sources added that crude stocks jumped 12.8 million barrels in the week ending on the fifth of March, while analysts polled by Reuters had expected an increase of 816 thousand barrels.

Crude stocks at the delivery center in Cushing, Oklahoma, increased by 295,000 barrels.

Gasoline stocks fell by 8.5 million barrels, while they were expected to decline by 3.5 million barrels.

Distillate stocks, which include diesel and heating oil, fell by 4.8 million barrels, compared to expectations for a decrease of 3.5 million barrels.

The American Petroleum Institute did not comment on the numbers

Source: Reuters

The article US stockpiles pose a new threat to oil prices was written in the Al-Borsa newspaper.