US crude oil inventories add over 4M barrels last week: API

US crude oil inventories rose by nearly 4.25 million barrels during the week ended March 7, despite a 1.2 million barrel decline in Cushing crude oil inventories, American Petroleum Institute (API) data showed.

Gasoline stocks fell by 4.6 million barrels last week, while distillate stocks—including diesel and heating oil—increased by about 421,000 barrels.

On March 11, Brent crude futures for May delivery rose 0.4%, or 28 cents, to $69.56 a barrel.

Similarly, the prices of US WTI crude futures for April delivery added 0.35%, or 22 cents, to $66.25 a barrel.