US oil inventories rise by 11.4M barrels last week: API

API also noted a decline in gasoline and distillate inventories

US oil inventories rose during the week ended Feb. 20, but gasoline and distillate inventories declined, according to estimates from the American Petroleum Institute (API).

The institute said in a report released Feb. 25 morning that commercial crude oil inventories grew by 11.4 million barrels last week.

The report indicated that gasoline stocks decreased by 1.53 million barrels, and distillate stocks – including diesel and heating oil – declined by 2.77 million barrels.

Investors are awaiting official data from the Energy Information Administration later today, amid expectations of a 1.5-million-barrel increase in crude oil inventories, after they fell by 609,000 barrels last week.

At the close of trading on Feb. 24, Brent crude futures for April delivery retreated 1%, or $0.72, to $70.77 a barrel.

West Texas Intermediate (WTI) crude futures for April delivery also fell 1%, or $0.68, to $65.63 a barrel.