Investing.com — U.S. crude oil inventories rose more than expected last week, the API reported Tuesday, but gasoline inventories fell, signaling a continued recovery in refinery activity amid growing fuel demand.
the US benchmark, traded at $85.28 per barrel after the report, having fallen 0.1% to $85.36 per barrel.
increased by about 4.09 million barrels for the week ended April 12, compared to an increase of 3.03 million barrels reported by the API for the previous week. Economists had expected an increase of only 600,000 barrels.
The API data also showed that gasoline and distillate inventories fell by 2.51 million barrels and 427,000 barrels, compared with expectations for declines of 1 million and 400,000 barrels, respectively.
The report will be released on Wednesday.
