US oil inventories up by 6.04M barrels - report - Breaking The News
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US oil inventories up by 6.04M barrels - report

Economy
Christian Baha / NP

1 min read

EPA-EFE/JUSTIN LANE

United States crude inventories unexpectedly increased last week, private data showed on Tuesday. According to media reports, the American Petroleum Institute (API) said in its weekly report that US crude stockpiles rose by 6.04 million barrels. The figure includes 8.4 million barrels released from the Strategic Petroleum Reserve (SPR).

Meanwhile, reserves in the industry hub in Cushing, Oklahoma, rose by 0.1 million barrels. The report is also said to have shown a drop of 3.23 million barrels in gasoline inventories and a 1.75 million increase in distillate stockpiles.

Traders are now awaiting official figures from the Energy Information Administration (EIA) scheduled for Wednesday.

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