US oil inventories rise by 3.8M barrels last week: API

09:07 AM (Mecca time) Argaam
Oil tanks

Oil tanks

US crude oil inventories rose during the week ended April 25, but gasoline and distillate inventories declined, the American Petroleum Institute (API) released on April 29 showed.

 

Crude inventories increased by 3.76 million barrels during the past week, with stocks at the Cushing delivery hub rising by 674,000 barrels, compared to expectations for a rise of only 100,000 barrels.

 

Gasoline inventories fell by 3.14 million barrels, and distillate stocks—which include diesel and heating oil—declined by 2.52 million barrels.

 

Meanwhile, Brent crude futures for July delivery (the most active), fell 2.4% to close at $64.25 a barrel on April 29.

 

WTI crude futures for June delivery fell 2.6%, or $1.63, to $60.42 a barrel.

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