US oil inventories up 2.35M barrels last week: API

08:46 AM (Mecca time) Argaam
Oil tanks

Oil tanks

US crude oil and refined product inventories rose during the week ended March 20, latest estimates from the American Petroleum Institute (API) showed.

 

Commercial crude oil inventories increased by 2.35 million barrels, the report noted.

 

Gasoline stocks rose by 528,000 barrels, and distillate stocks – including diesel and heating oil – increased by 1.39 million barrels.

 

Market participants are awaiting the release of official data from the US Energy Information Administration later today, March 25, amid expectations of a 200,000-barrel drop in oil inventories.

 

At the close of trading on Tuesday, Brent crude futures for May delivery rose 4.55%, or $4.55, to $104.49 a barrel.

 

WTI crude oil futures for May delivery rose 4.79%, or $4.22, to $92.35 a barrel.

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