API: US crude inventories rise 7.4M barrels

Oil tanks

US crude oil inventories increased during the week ended Oct. 10, according to data from the American Petroleum Institute (API), indicating weaker oil demand in the world’s largest economy.

In its report released on Oct. 15, API said US crude stockpiles rose by 7.36 million barrels last week.

Gasoline inventories also increased by 2.99 million barrels, while distillate stocks, including diesel and heating oil, fell by 4.79 million barrels.

Investors are awaiting official data from the US Energy Information Administration on Thursday, which is expected to show a 300,000-barrel rise in crude inventories.

At Wednesday’s close, December Brent futures fell 0.77%, or 48 cents, to settle at $61.91 a barrel, while November Nymex WTI futures declined 0.73%, or 43 cents, to $58.27 a barrel.