API reports 1.3M-barrel rise in US crude inventories

Oil tanks

US crude and distillate inventories rose last week, according to data from the American Petroleum Institute (API), signaling weaker energy demand in the world’s largest economy.

API said in its report issued on Nov. 13 that US commercial crude inventories increased by 1.3 million barrels for the week ended Nov. 7.

Gasoline inventories declined by 1.39 million barrels over the same period, while distillate stocks, including diesel and heating oil, rose by 944,000 barrels.

Investors awaited official data from the Energy Information Administration (EIA) later today, after its release was delayed by one day due to the Veterans Day holiday earlier this week.

At the close on Nov. 12, January Brent crude futures fell 3.76%, or $2.45, to $62.71 a barrel, and December WTI futures declined 4.18%, or $2.55, to $58.49 a barrel.