US oil inventories rise 1.7M barrels: API

Oil tanks

US oil inventories rose during the week ended Dec. 26, alongside increases in gasoline and distillate inventories, according to estimates by the American Petroleum Institute (API).

The institute, in a report issued today, Dec. 31, said that commercial crude oil inventories increased by 1.7 million barrels over the past week.

The report showed that gasoline inventories rose by 6.2 million barrels over the same period, while distillate inventories, including diesel and heating oil, increased by 1 million barrels.

Investors awaited the release of official data from the Energy Information Administration later in the day, amid expectations for a 100,000-barrel rise in oil inventories, according to Dow Jones.

On Dec. 29, Brent crude futures for February delivery settled unchanged at $61.92 per barrel.

US Nymex crude futures for February delivery fell 0.22%, or 13 cents, to $57.95 per barrel.