US Oil Inventories Report a Significant Rise

In a recent development that has caught the attention of market analysts, the United States has reported an increase in its crude oil inventories. According to data from the American Petroleum Institute (API), there was a rise of one million barrels in the week ending January 16.

This uptick in reserves is not isolated. Distillate inventories saw an addition of 1.9 million barrels, and gasoline stockpiles were not left behind, increasing by 3.2 million barrels. Furthermore, Cushing, Oklahoma, a key hub for oil storage, reported a climb in reserves by 500,000 barrels.