On Tuesday, November 18, data released by the American Petroleum Institute (API) showed that U.S. crude oil and refined product inventories both increased last week.

For the week ending November 14, crude oil inventories increased by 4.45 million barrels. Gasoline inventories increased by 1.55 million barrels, and distillate fuel inventories increased by 577,000 barrels.

Analysts had previously expected crude oil inventories to decrease by approximately 600,000 barrels, gasoline inventories to decrease by approximately 200,000 barrels, and distillate fuel inventories to decrease by approximately 1.2 million barrels last week.

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