US crude oil stocks rise over 6M barrels: API

Oil tanks

The US crude oil inventories increased by more than six million barrels in the week ended March 28.

Data from the American Petroleum Institute (API) showed that gasoline inventories declined by 1.6 million barrels last week, while distillate stocks—including diesel and heating oil—fell by 11,000 barrels.

At the close of trading on April 1, Brent crude futures for June delivery fell by 0.35%, or 28 cents, to $74.49 a barrel.

Similarly, US WTI crude futures for May delivery dropped by 0.4%, or 28 cents, to $71.20 a barrel.