US crude inventory up by 3.69 mln barrels: API

17/05/2023 Argaam
Oil tanks

Oil tanks

The US crude inventory rose by 3.69 million barrels during the week ended May 12, 2023, according to the American Petroleum Institute (API).

 

However, gasoline inventory fell by 2.46 million barrels, while distillate stock dropped by 886,000 barrels. 

 

The US Energy Information Administration will release the official data on crude inventories today, May 17, amid expectations of a 1.3 million barrels drop in the stockpile.

 

Oil prices fell on Tuesday as Brent crude futures contracts for July delivery declined 0.4% to $74.91 a barrel. 

 

On the other hand, US Nymex crude for June delivery slipped 0.4% to $70.86. 

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