API also noted a decline in gasoline inventories
US crude oil and distillate inventories rose during the week ended Feb. 27, but gasoline inventories declined, according to estimates from the American Petroleum Institute (API). 
The institute said in a report released today, March 4, morning that commercial crude oil inventories grew by 5.6 million barrels last week.
The report indicated that distillate stocks – including diesel and heating oil – rose by 516,000 barrels, while gasoline stocks decreased by 3.3 million barrels during the same week.
These estimates present a mixed picture of fuel demand in the world’s largest economy, as investors await official data from the Energy Information Administration later today, amid expectations of a 1.6-million-barrel increase in crude oil inventories.
At the close of trading on March 3, Brent crude futures for May delivery climbed 4.71%, or $3.66, to $81.40 a barrel.
West Texas Intermediate (WTI) crude futures for April delivery also gained 4.70%, or $3.30, to $74.56 a barrel.
API also noted a decline in gasoline inventories
US crude oil and distillate inventories rose during the week ended Feb. 27, but gasoline inventories declined, according to estimates from the American Petroleum Institute (API).
The institute said in a report released today, March 4, morning that commercial crude oil inventories grew by 5.6 million barrels last week.
The report indicated that distillate stocks – including diesel and heating oil – rose by 516,000 barrels, while gasoline stocks decreased by 3.3 million barrels during the same week.
These estimates present a mixed picture of fuel demand in the world’s largest economy, as investors await official data from the Energy Information Administration later today, amid expectations of a 1.6-million-barrel increase in crude oil inventories.
At the close of trading on March 3, Brent crude futures for May delivery climbed 4.71%, or $3.66, to $81.40 a barrel.
West Texas Intermediate (WTI) crude futures for April delivery also gained 4.70%, or $3.30, to $74.56 a barrel.
