On Tuesday, December 30, data released by the American Petroleum Institute (API) showed that U.S. crude oil, gasoline, and distillate fuel inventories increased last week.

According to API data, U.S. crude oil inventories increased by 1.7 million barrels in the week ending December 26. Gasoline inventories increased by 6.2 million barrels, and distillate fuel inventories increased by 1 million barrels compared to the previous week.

Analysts had previously expected a decrease of approximately 900,000 barrels in crude oil inventories last week. Distillate fuel inventories, including diesel and heating oil, were expected to increase by approximately 2.2 million barrels, and gasoline inventories were estimated to increase by approximately 1.9 million barrels.

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