New York: US crude oil inventories increased by 5.8 million barrels, according to this week’s American Petroleum Institute (API) inventory report.
Analysts were anticipating a crude oil inventory build of 3.06 million barrels.
The API reported a 2.9 million barrel build in gasoline inventories, and a 2.3 million barrel build to distillates.
Supplies at the Cushing, Oklahoma, facility fell this week by 906,000 barrels.
Last weeks’ EIA report showed a crude oil inventory build of 2.8 million barrels, which came a day after the API reported a 2.93 million barrel build; and a 6.8 million barrel build to gasoline compared with a 4.85 million barrel build reported by the API.
Prior to the API’s data release, Brent crude had traded up about $.50 since Friday’s rig count release. Brent crude was trading at $55.62 ($55.05 on Friday), while WTI crude traded at $52.82 ($52,76 on Friday).
