US oil stocks rise as gasoline, distillates fall: API

Oil tanks

Crude oil inventories in the US rose by 1.6 million barrels last week, despite a 216,000-barrel drop in stockpiles at the Cushing delivery center—the largest storage center in the country, the American Petroleum Institute (API) data showed.

Gasoline stocks fell by more than two million barrels during the week ended Oct. 18, while distillate stocks—including diesel and heating oil—fell by about 1.5 million barrels.

Meanwhile, Brent crude futures for December delivery rose 2.35%, or $1.75, to close at $76.04 a barrel on Oct. 22.

WTI crude futures for November delivery rose 2.2%, or $1.53, to $72.09 per barrel.