The API said on Wednesday evening that the U.S. inventory of crude oil grew by 5.9 million barrels in the week ending October 11th. Gasoline stockpiles were reported down 2.2 million barrels and distillates were down by 1.3 million barrels. Analysts surveyed by Platts were expecting a gain of 2.25 million barrels in the nation’s crude oil supply, a rise of 400,000 barrels in the gasoline supply, and a drop of 1.3 million barrels in the supply of distillates.
WTI crude prices dropped by $0.10 a barrel to $102.19 immediately after the API announcement. Crude prices rose about 1.1% late today following the agreement on a deal to end the government shutdown and temporarily to increase the nation’s debt ceiling.
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