US oil stocks rise by over 9M barrels last week: API

09:13 AM (Mecca time) Argaam
Oil tanks

Oil tanks

US oil inventories rose by more than nine million barrels during the week ended Feb. 7, while stocks at the Cushing delivery hub (the largest storage hub in the US) increased by about 407,000 barrels, data from the American Petroleum Institute (API) showed.

 

Gasoline stocks fell by 2.5 million barrels during the same week, while distillate stocks – which include diesel and heating oil – fell by about 590,000 barrels.

 

On the other hand, Brent crude futures for April delivery rose 1.5%, or $1.13, to close at $77 a barrel on Feb. 11. WTI crude futures for March delivery gained 1.4%, or $1, to $73.32 a barrel.

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