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US Petroleum Institute: Crude oil inventories rise about 4 million barrels last week, contrary to expectations
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Crude oil inventories in the United States rose last week, while gasoline and distillate inventories fell more than expected, US Petroleum Institute data showed.
Crude stocks rose 4.1 million barrels in the week ending April 5 to 455.8 million barrels, compared with analysts' forecasts for a 2.3 million barrel increase.
Crude inventories at the delivery center in Kaching, Oklahoma, fell 1.3 million barrels, the institute said.
While API data indicated that refinery consumption rates of crude increased by 264 thousand barrels per day.
Gasoline stocks fell 7.1 million barrels, compared to analysts' expectations in a Reuters poll that the two million barrels fall.
Data from the Institute showed that distillate stocks, including diesel and heating oil, fell by 2.4 million barrels, compared to expectations of a 1.3 million barrel decline.
US crude imports last week rose by 294,000 bpd to 7.2 million bpd.
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