API: US crude inventories rise 2.8 million barrels

Oil tanks

US crude inventories increased by 2.78 million barrels in the week ended October 3, according to estimates from the American Petroleum Institute (API). However, gasoline and distillate stocks declined, offering mixed signals about fuel demand.

The API said in its weekly report released Tuesday that commercial crude inventories rose by 2.78 million barrels last week.

Gasoline inventories fell by 1.25 million barrels, while distillate stocks — including diesel and heating oil — dropped by 1.82 million barrels.

Investors are now awaiting official data from the US Energy Information Administration (EIA), expected to be published today, Oct. 8, with forecasts pointing to a 400,000-barrel rise in crude inventories.

At the Oct. 7 close, December Brent crude futures remained flat at $65.45 a barrel, as well as November WTI futures that remained unchanged at $61.73 a barrel.