US Oil Inventories Rise by 5.8 Million Barrels

New York, US crude oil inventories increased by 5.8 million barrels, according to this week's American Petroleum Institute (API) inventory report.

Analysts were anticipating a crude oil inventory build of 3.06 million barrels.

The API reported a 2.9 million barrel build in gasoline inventories, and a 2.3 million barrel build to distillates.

Supplies at the Cushing, Oklahoma, facility fell this week by 906,000 barrels.

Last weeks' EIA report showed a crude oil inventory build of 2.8 million barrels, which came a day after the API reported a 2.93 million barrel build; and a 6.8 million barrel build to gasoline compared with a 4.85 million barrel build reported by the API.

Prior to the API's data release, Brent crude had traded up about $.50 since Friday's rig count release. Brent crude was trading at $55.62 ($55.05 on Friday), while WTI crude traded at $52.82 ($52,76 on Friday).

Source: Qatar News Agency