US crude oil inventories rise for third consecutive week

Oil tanks

US crude oil inventories increased in the week ended April 11, marking a rise for the third consecutive week, according to data released by the Energy Information Administration (EIA) on Wednesday.

Commercial crude inventories leapt by 500,000 barrels last week, below expectations of an 800,000-barrel rise.

Meanwhile, gasoline inventories declined by 2 million barrels, with distillate stocks—including diesel and heating oil—decreasing by 1.9 million barrels.

US Crude & Derivative Inventories (mln barrels)