Oil Inventories rise by 3.3M barrels last week: API

Investing.com -- U.S. crude stockpiles rose more than expected last week, the API reported Tuesday, just as oil prices took a breather from their recent melt-up amid simmering Middle East tensions.

Crude Oil WTI Futures, the U.S. benchmark, traded at $85.28 a barrel following the report after settling down 1.4% at $85.23 a barrel.

U.S. crude inventories rose by about 3.03 million barrels for the week ended Apr. 6, compared with an decline of 2.3 barrels reported by the API for the previous week. Economists were expecting a increase of about 2.4M barrels.

The API data also showed that gasoline inventories fell by about 609,000 barrels, and distillate stockpiles gained by 120,000 barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies increased by about 2.4M barrels last week.

You May Also Be Interested In

• IEA cuts Russian oil output forecast amid Ukraine drone strikes
• Qatar In Talks With US, Iran To Deescalate - NYT
• Crude Inventory Rose 3 Million Barrels Last Week - EIA