Oil storage tanks
US crude inventories increased in the week ended April 3, according to estimates from the American Petroleum Institute (API), while fuel stockpiles posted a larger draw. 
In its report released Tuesday, the institute said commercial crude stocks rose by 3.71 million barrels last week, versus expectations for a 1.59 million barrel decline.
Gasoline inventories fell by 4 million barrels over the same period, while distillate stocks — including diesel and heating oil — dropped by 600,000 barrels.
API data pointed to mixed signals on US fuel demand, with markets awaiting official figures from the Energy Information Administration (EIA) on Wednesday, where crude inventories are expected to increase by 600,000 barrels.
At Tuesday’s close, June Brent crude futures fell 0.46%, or 50 cents, to $109.27 a barrel, while May Nymex WTI futures rose 0.48%, or 54 cents, to $112.95 a barrel.
However, oil prices declined sharply in after-hours trading after the US president signaled ongoing negotiations with Iran, alongside Pakistan’s proposal to extend the deadline granted to Tehran ahead of any escalation by Washington.
Oil storage tanks
US crude inventories increased in the week ended April 3, according to estimates from the American Petroleum Institute (API), while fuel stockpiles posted a larger draw.
In its report released Tuesday, the institute said commercial crude stocks rose by 3.71 million barrels last week, versus expectations for a 1.59 million barrel decline.
Gasoline inventories fell by 4 million barrels over the same period, while distillate stocks — including diesel and heating oil — dropped by 600,000 barrels.
API data pointed to mixed signals on US fuel demand, with markets awaiting official figures from the Energy Information Administration (EIA) on Wednesday, where crude inventories are expected to increase by 600,000 barrels.
At Tuesday’s close, June Brent crude futures fell 0.46%, or 50 cents, to $109.27 a barrel, while May Nymex WTI futures rose 0.48%, or 54 cents, to $112.95 a barrel.
However, oil prices declined sharply in after-hours trading after the US president signaled ongoing negotiations with Iran, alongside Pakistan’s proposal to extend the deadline granted to Tehran ahead of any escalation by Washington.
