Petroleum Institute: US crude oil inventories rise 1.8 million barrels

UNITED STATES (OBSERVATORY) – US crude oil inventories rose unexpectedly last week on a jump in imports, gasoline stocks rose, and distillate stocks fell, the US Petroleum Institute said on Tuesday.

Crude oil inventories rose 1.8 million barrels in the week ending April 6 to 429.1 million barrels, while analysts’ forecasts were 189,000 barrels lower, data from the Petroleum Institute showed. Inventories at the Kashing delivery center in Oklahoma rose 1.5 million barrels.

Gasoline inventories increased by 2 million barrels, while analysts surveyed by Reuters had forecast a drop of 1.4 million barrels.

Distillate stocks, including diesel and heating oil, fell by 3.8 million barrels while 29,000 barrels were expected to fall.

The API said US crude oil imports last week rose 724,000 bpd to 8.6 million bpd.