US crude oil inventories rise last week: API

08:48 AM (Mecca time) Argaam
Oil tanks

Oil tanks

US oil inventories rose by one million barrels last week, while stocks at the Cushing delivery hub (the largest storage hub in the US) increased by about 500,000 barrels, data from the American Petroleum Institute (API) showed.

 

Gasoline stocks jumped by 3.2 million barrels during the week ended Jan. 17, while distillate stocks – which include diesel and heating oil – rose by about 1.9 million barrels.

 

Meanwhile, Brent crude futures for March delivery fell by 0.35%, or 29 cents, to close at $79 a barrel on Jan. 22. WTI crude futures for March delivery (the most active contract) slipped 0.5%, or 39 cents, to $75.44 a barrel.

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