Petroleum Institute: US Oil Stocks Rise by 1.4 Million Barrels in a Week

According to data from the American Petroleum Institute, crude oil inventories in the United States increased by 1.4 million barrels during the week ending on the fourteenth of January.

In its weekly report, the American Institute indicated that gasoline stocks increased by 3.5 million barrels during the past week, while distillate stocks decreased by 1.2 million barrels.

The Petroleum Institute had released its data one day later than usual due to the US market holiday last Monday in celebration of Martin Luther King Day.

It is scheduled to announce official data on stocks by the US Energy Information Administration on Thursday, while expectations indicate a decline in oil stocks by about 700 thousand barrels.

Oil prices recorded strong gains when settling trading on Wednesday, as Brent crude for March delivery witnessed an increase of 1.1% to record $88.44 a barrel, while NYMEX crude for February delivery rose by about 1.8 percent to $86.96.