Oil stocks surprisingly rose 2.5 million barrels last week: API by Investing.com

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Investing.com — U.S. crude oil inventories unexpectedly rose last week, the API said Tuesday, denting hopes for stronger demand as the summer season approaches.

the U.S. benchmark, traded at $78.23 per barrel after the report, having fallen 0.7% to $79.26 per barrel.

rose by about 2.5 million barrels in the week ending May. 17, compared to a decline of 3.1 million barrels reported by the API for the previous week. Economists had expected a decline of 3.1 million barrels.

The API data also showed that gasoline inventories increased by 2.1 million barrels, while distillate inventories fell by 320,000 barrels.

The increase in gasoline inventories comes just as the Biden administration is poised to sell 1 million barrels of gasoline from strategic reserves in the Northeast to lower gas prices ahead of the summer driving season.

The report will be released on Wednesday.

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