US Oil Inventories See Significant Increase

In a recent report by the American Petroleum Institute (API), it was revealed that the United States' crude oil inventories experienced a substantial increase. Specifically, the week ending March 18 saw a rise of 4.593 million barrels, marking a notable shift in the nation's oil reserves.

Distillates and Gasoline See a Decline

Contrasting the rise in crude oil, distillates inventories were reported to have decreased by 2.146 million barrels. Similarly, gasoline stockpiles also saw a reduction, dropping by 1.708 million barrels. This fluctuation in reserves highlights the volatile nature of the oil market.

Reserves in Cushing, Oklahoma Dip

Further adding to the complexity of the situation, reserves in Cushing, Oklahoma, witnessed a decline of 1.41 million barrels. This change is significant, considering Cushing's role as a key hub for oil storage and trading in the United States.