US crude inventories rise 6.5M barrels last week: API

Oil tanks

US crude oil inventories increased during the week ended Oct. 31, according to estimates from the American Petroleum Institute (API), while gasoline and distillate stocks declined.

In a report released early today, Nov. 5, the API said commercial crude inventories rose by 6.5 million barrels last week.

Meanwhile, gasoline inventories fell by 5.65 million barrels, and distillate stocks—which include diesel and heating oil—declined by 2.46 million barrels during the same period.

Investors are now awaiting the official Energy Information Administration (EIA) data due later today, which is expected to show a 2.5 million-barrel drop in crude oil inventories.

Brent January futures fell 0.69% (45 cents) to $64.44 a barrel on Nov. 4, while WTI December futures declined 0.80% (49 cents) to $60.56 a barrel.