On Tuesday, November 4th, data released by the American Petroleum Institute (API) showed that US crude oil inventories increased last week, while gasoline and distillate fuel inventories declined.

The API report showed that for the week ending October 31st, US crude oil inventories increased by 6.52 million barrels, gasoline inventories decreased by 5.65 million barrels, and distillate fuel inventories decreased by 2.46 million barrels.

Analysts surveyed had previously predicted that crude oil inventories would increase by approximately 600,000 barrels, gasoline inventories would decrease by approximately 1.1 million barrels, and distillate fuel inventories would decrease by approximately 2 million barrels last week.

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