US oil inventories rise by 600,000 barrels last week: API

Oil tanks

US oil inventories rose by 594,000 barrels during the week ended Dec. 1, the American Petroleum Institute (API) data showed.

Gasoline stocks increased by 2.83 million barrels last week, while distillate stocks – including diesel and heating oil – rose by 890,000 barrels.

Meanwhile, Brent crude futures for February delivery fell by approximately 1%, or 83 cents, to close at $77.2 per barrel on Dec. 5, marking the lowest close since July 17. The benchmark grade rose to $79.09 per barrel during the session.

WTI crude for January delivery fell by approximately 1%, or 72 cents, to $72.32 per barrel – the lowest close since July 10 – after prices rose during the session to $74.12 per barrel.