US crude futures were trading at $ 67.71 a barrel, after hitting a high of $ 67.89 a barrel, while opening today's session at $ 67.72 a barrel, which hit a low of $ 67.47 a barrel.
The US Petroleum Institute report showed US inventories rose by 1.1 million barrels in the week ending April 20 to reach 429.1 million barrels.
This comes as US crude oil production has already increased by more than a quarter since mid-2016 to more than 10.54 million barrels a day, making it beyond Saudi Arabia's production of about 10 million barrels per day. While Russia currently produces only more than 11 million barrels a day.
This comes at a time when the Organization of the Petroleum Exporting Countries (OPEC), in cooperation with non-member countries, continues to reduce production rates, with the desire to continue this cooperation until the end of this year.