API Reports a Slight Increase in US Oil Inventories

According to the American Petroleum Institute's (API) private data released on Tuesday, crude oil inventories in the United States increased by 499,000 barrels in the week ending December 6. This figure is slightly weaker than market expectations.

In a further breakdown of the data, reserves in Cushing, Oklahoma reportedly declined by 1.51 million barrels. Gasoline reserves saw a growth of 2.85 million barrels, while distillate reserves increased by 2.45 million barrels.

These figures provide an insight into the current state of oil inventory in the US, reflecting both domestic and global market dynamics.