Investing.com — U.S. crude inventories posted a surprise increase last week, the API reported Tuesday, just as data showing rising domestic production weighed on sentiment.
the U.S. benchmark, traded at $81.56 per barrel after the report, after settling at $81.93 per barrel.
increased by about 4.9 million barrels for the week ending April 26, compared to a decline of 3.23 million barrels reported by the API for the previous week. Economists had expected a decline of 1.5 million barrels.
The increase in inventories merely serves to put a renewed spotlight on rising domestic production. U.S. crude oil production rose to 13.15 million barrels per day in January from 12.58 million barrels per day in February. This is the largest monthly increase since October, the Energy Information Administration said Tuesday.
The API data also showed that gasoline inventories fell by 1.48 million barrels, while distillate inventories fell by 2.2 million barrels.
The report will be released on Wednesday.
