US oil stocks rise by over 5M barrels last week: API

09:26 AM (Mecca time) Argaam
Oil tanks

Oil tanks

US oil inventories rose by more than five million barrels during the week ended Jan. 31, while stocks at the Cushing delivery hub (the largest storage hub in the US) increased by about 110,000 barrels, data from the American Petroleum Institute (API) showed.

 

Gasoline stocks jumped by 5.4 million barrels during the same week, while distillate stocks – which include diesel and heating oil – fell by about seven million barrels.

 

Meanwhile, Brent crude futures for April delivery rose by 0.3%, or 24 cents, to close at $76.20 a barrel, on Feb. 4.

 

On the other hand, WTI crude futures for March delivery (the most active contract) inched down by 0.65%, or 46 cents, to $72.70 a barrel.

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