Crude oil inventories in the US rose by 244,000 barrels in the week that ended April 18th, contrasting with market expectations of a 700,000 barrel draw, to mark the fourth consecutive week of inventory build in the country, according to data from the EIA Petroleum Status Report.
On the other hand, stocks in the Cushing, Oklahoma, delivery hub eased by 86,000 barrels.
Among refined fuels, gasoline stocks plummeted by 4.5 million barrels and stocks of distillate fuels sank by 2.3 million barrels, both well above expectations.