US gasoline inventories rise more than 4M barrels: API

API data showed a decline in US crude oil inventories last week

Data from the American Petroleum Institute (API) showed a decline in US crude oil inventories, despite a sharp rise in fuel and distillate inventories last week.

Crude inventories fell by 2.8 million barrels during the week ended Jan. 2, compared to analysts’ expectations of a 1.2 million-barrel decline.

Gasoline inventories rose by 4.4 million barrels, while distillate inventories, including diesel and heating oil, increased by 4.9 million barrels over the same period.

By the close of Tuesday’s trading, Brent crude futures for March delivery fell 1.7%, or $1.06, to $60.70 per barrel.

Nymex crude futures for February delivery also declined 2%, or $1.19, to $57.13 per barrel.