API: A Sudden Rise in US Crude Stocks Last Week

Data from the American Petroleum Institute on Tuesday showed that US inventories of crude oil rose in the latest week.

Crude stocks rose 2.7 million barrels over the week ending December 18 to about 497.7 million, while analysts’ expectations in a Reuters poll indicated a decline of 3.2 million barrels.

Crude stocks rose at the delivery point in Cushing, Oklahoma, by 341,000 barrels.

According to figures from the Petroleum Institute, the consumption of crude refineries grew by 76 thousand barrels per day.

Gasoline stocks fell by 224,000 barrels, while analysts in a Reuters poll expected a rise of 1.2 million barrels. Distillate stocks, which include diesel and heating oil, grew 1 million barrels, compared to expectations for a decrease of 904 thousand barrels.

According to the data, US imports of crude oil rose by 92 thousand barrels per day.