US oil inventories add 6.2 mln barrels: API

Oil tanks

The American Petroleum Institute (API) said crude oil inventories jumped by 6.2 million barrels in the week ended Feb. 24.

 

API’s weekly report revealed that gasoline inventories shed 1.7 million barrels last week, with distillate inventories also down by 341,000 barrels.

 

The US Energy Information Administration (EIA) is due to release official inventory data later today, March 1, with crude inventories set to see 1.7 million barrels more.

 

Oil prices advanced at the settlement of trading on Feb. 28, as Brent crude futures for April delivery surged by nearly 1.7% to $83.89 a barrel. US West Texas crude for the same delivery also grew 1.8% to $77.05 per barrel.

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