US Oil Inventories Rise, Prices Fall
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U.S. crude oil inventories rose by 200,000 barrels the week ending April 18, contradicting a prior API report showing a 4.565 million barrel draw. Despite this increase, gasoline and distillate inventories decreased significantly. Brent crude fell $1.10 to $66.34, and WTI dropped $1.13 to $62.54. Total products supplied increased week-over-week for the first time in five weeks, while distillate supply is up 12.8% year-over-year.
U.S. crude oil inventories rose by 200,000 barrels the week ending April 18, contradicting a prior API report showing a 4.565 million barrel draw. Despite this increase, gasoline and distillate inventories decreased significantly. Brent crude fell $1.10 to $66.34, and WTI dropped $1.13 to $62.54. Total products supplied increased week-over-week for the first time in five weeks, while distillate supply is up 12.8% year-over-year.
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