U.S. crude stockpiles rose 6.1M barrels last week, API says:
The American Petroleum Institute reportedly shows a larger-than-expected build of 6.1M barrels of oil in U.S. commercial stockpiles for the week ending April 3, after increasing by 3.7M barrels in the previous week.
Gasoline inventories reportedly show a build of 626K barrels for the week, distillate inventories reportedly show a draw of 3.4M barrels, and inventories at the Cushing storage hub reportedly show a draw of 1.7M barrels.
The Energy Information Administration is scheduled to release its weekly U.S. petroleum supply report on Wednesday; the average of analysts surveyed by The Wall Street Journal forecast domestic commercial crude stocks would increase by 900K barrels, gasoline inventories were expected to drop by 1.7M barrels, and distillate inventories were expected to decline by 2.1M barrels.
WTI front-month May crude oil (CL1:COM) recently traded at $92.90/bbl, up from Tuesday's $91.28/bbl settlement price.
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