US oil inventories rose by 12.94 million barrels during the week ended Oct. 6, in what may be the largest increase in inventories since the first week of January, the American Petroleum Institute’s data showed.
In its weekly report, API said gasoline stocks increased by 3.65 million barrels last week, while distillate stocks decreased by 3.54 million barrels.
The US Energy Information Administration is scheduled to issue official inventory data on Oct. 12, amid expectations that crude stocks will increase by 1.3 million barrels.
Oil prices closed lower on Oct. 11, with Brent crude down by 2.1%, or $1.83, at $85.82 per barrel. WTI crude fell 2.9%, or $2.48, to record $83.49 per barrel.
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