US oil inventories gain 6.3 mln barrels: API

01/02/2023 Argaam

US oil inventories gain 6.3 mln barrels: API

Oil tanks

The American Petroleum Institute (API) said crude oil inventories added 6.3 million barrels in the week ended Jan. 27.

 

API’s weekly report revealed that US gasoline stocks advanced by 2.7 million barrels last week, while distillate inventories gained 1.5 million barrels.

 

The US Energy Information Administration (EIA) is due to release official inventory data later today, Feb. 1, amid expectations that crude stockpiles will fall by 1 million barrels.

 

Oil prices increased at the settlement of trading yesterday, Jan. 31 as Brent crude futures for January delivery jumped by about 1.1% to $85.46 a barrel. NYMEX crude contracts also surged 1.3% to $78.87 per barrel.

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