Petroleum Institute: US oil inventories rise 3.7 million barrels last week

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Crude oil inventories in the United States rose unexpectedly last week, while gasoline stocks rose and distillate stocks fell, data from the American Petroleum Institute showed on Tuesday.

Crude inventories rose by 3.7 million barrels in the week ending August 9 to 443 million barrels, while analysts had expected a decline of 2.8 million barrels, according to Reuters.

Crude stocks at the delivery center in Cushing, Oklahoma, fell 2.2 million barrels.

Gasoline inventories rose by 3.7 million barrels, while analysts polled by Reuters had forecast an increase of 910,000 barrels.

Distillate stocks, which include diesel and heating oil, fell 1.3 million barrels, compared with expectations of a decline of 810,000 barrels.

The Institute of Petroleum said that US imports of crude rose last week 640 thousand barrels per day to 7.7 million barrels per day.

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