US oil inventories rise by 4.3M barrels last week: API

Oil tanks

US oil inventories rose during the week ended May 9, according to a report from the American Petroleum Institute (API).

US crude inventories increased by 4.3 million barrels last week, contrary to expectations for a decrease of 2.4 million barrels.

However, gasoline inventories declined by 1.37 million barrels during the same period and distillate inventories—including diesel and heating oil—fell 3.67 million barrels.

This provides mixed signals on fuel consumption trends in the world's largest economy, and investors are awaiting the release of actual inventory data from the Energy Information Administration on May 14.

Meanwhile, Brent crude futures for July delivery jumped 2.57%, or $1.67, to settle at $66.63 per barrel on May 13.

WTI crude futures for June delivery gained 2.78%, or $1.72, to $63.67 a barrel.