US oil inventories up 10.5 million barrels per week

US, WASHINGTON (ORDO NEWS) — US oil inventories have grown significantly more than expected last week, data from the American Petroleum Institute (API) showed on Tuesday.

According to the API, oil inventories rose 10.5 million barrels to 461.9 million barrels for the week ending March 23, while analysts predicted that they would grow 4 million barrels.

Reserves at the distribution center in Cushing, Oklahoma, grew by 2.9 million barrels, API data showed.

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