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Petroleum Institute: US crude inventories rise 3.4 million barrels

UNITED STATES (OBSERVATORY) –¬†Crude oil inventories in the United States rose last week as refinery production fell, gasoline stocks rose and inventories of distillates fell, data from the US Petroleum Institute showed on Tuesday.

Crude inventories rose 3.4 million barrels to 432.575 million barrels in the week ending April 27, while analysts’ forecasts were for a 739,000 barrel rise. Crude stocks at the delivery point in Kashing, Oklahoma, increased 725,000 barrels, the institute said.

Crude oil consumption fell by 128,000 barrels per day (bpd).

Gasoline inventories rose 1.6 million barrels, while analysts polled by Reuters had forecast a 587,000 bpd drop.

Distillate stocks, including diesel and heating oil, fell 4.1 million barrels while 1.4 million barrels were expected to fall.

US crude oil imports last week rose 44,000 bpd to 8.2 million bpd.