Oil Inventory Unexpectedly Rose 5 Million Barrels: API

  • Investing.com
  • Commodities News
Oil Inventory Unexpectedly Rose 5 Million Barrels: API
Credit: © Reuters.

Investing.com -- Oil stockpiles unexpectedly rose last week, according to the latest data from the American Petroleum Institute.

Crude inventory rose 5.6 million barrels, compared with the draw of 1.43 million barrels expected. The data come a day before the government's own data on oil and refined products for the previous week. 

Distillate stockpiles showed a draw of 1.656 million barrels, while gasoline stocks rose 1.216 million barrels. Oil stored at the Cushing, Okla., facility declined by 0.390 million barrels.

The price of crude fell late Wednesday, with Crude Oil WTI Futures down more than 4%, to $104.44 a barrel. Brent Oil Futures crude also fell 4%, to $110 a barrel. 

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