Crude oil inventory in the United States recorded a larger than expected drop last week, according to data released by the American Petroleum Institute, while gasoline and distillates inventories saw a significant increase.
By the end of last week, crude oil inventory fell by 5.8 million barrels to approximately 484.5 million barrels, following an anticipated decrease of 2.3 million barrels. Meanwhile, gasoline inventory rose by 1.9 million barrels last week, after it was expected to jump by 2.7 million barrels. Distillate stocks, which include diesel and heating oil, increased by 4.4 million barrels, despite expectations of a 2.7 million barrel increase. U.S. crude oil imports also rose by 90,000 barrels per day, according to the data provided by the American Petroleum Institute. American crude oil gains began to exceed 2% in post-settlement trading, reaching an average of $53.37 per barrel, following the report published by the American Petroleum Institute.
