U.S. crude stockpiles increased last week, the API reported Tuesday, just as concerns about global oversupply eased amid supply disruptions caused by a growing vessel attacks along a key Red Sea shipping route.
Crude Oil WTI Futures, the U.S. benchmark, traded at $74.08 a barrel following the report after settling up 1.3% at $73.44 a barrel.
U.S. crude inventories rose by 939,000 barrels for the week ended Dec. 15, compared with a draw 2.3 million barrels reported by the API for the previous week. Economists were expecting an decline of about 2.2M barrels.
According to investing.com, the rise in weekly U.S. stockpiles comes as concerns about growing non-OPEC supply remain a worry, though have eased somewhat amid a series of attacks on ships in the Red Sea by the Iran-aligned Yemeni Houthi militant group.
The API data also showed that gasoline inventories increased by 669,000 barrels last week, while distillate stocks increased by 2.7M barrels.
The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies decreased by about 2.28M barrels last week. – Investing.com
