API: Sudden Increase in Oil Inventories

Data from the American Petroleum Institute showed, Tuesday, that crude oil inventories in the United States recorded an unexpected increase last week, while gasoline and distillate inventories declined.

Crude inventories increased 584 thousand barrels in the week ending October 16, to reach about 490.6 million barrels, while analysts’ expectations indicated a decrease of 1 million barrels.

The Petroleum Institute said crude stocks at the delivery center in Cushing, Oklahoma, increased by 1.2 million barrels.

The institute data showed that gasoline stocks fell by 1.6 million barrels, while analysts polled by Reuters had expected a decline of 1.8 million barrels.

Distillate stocks, which include diesel and heating oil, fell by 6 million barrels, while they were expected to decline 1.7 million barrels.

The data showed that US imports of crude oil rose by 70,000 barrels per day last week.