US Crude Oil Inventories See Significant Increase

In a recent development that has caught the attention of market analysts, the United States has reported a substantial increase in crude oil inventories. According to private data from the American Petroleum Institute (API), there was an addition of 6.037 million barrels in the week ending April 1.

Mixed Trends in Distillate and Gasoline Stockpiles

While the crude oil inventories saw a rise, the data also revealed a slight decrease in distillate inventories by 11,000 barrels. Similarly, gasoline stockpiles experienced a more noticeable decline, dropping by 1.6 million barrels during the same period.

Cushing Reserves Experience Notable Jump

Adding to the week's inventory dynamics, reserves in Cushing reportedly surged by 2.244 million barrels, marking a significant shift in storage levels that could influence future market movements.