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Oil inventories unexpectedly rise by 7.8M barrels last week: API

By Yasin Ebrahim

Investing.com -- U.S. crude stockpiles unexpectedly rose last week, with product stockpiles including gasoline also racking up gains, the API reported Tuesday.

West Texas Intermediate, the U.S. benchmark, traded at $75.25 a barrel following the report after settling up 3% at $75.39 a barrel. 

U.S. crude inventories increased by 7.8 million barrels for the week ended Dec. 9. That compared with a draw of 6.4M barrels reported by the API for the previous week.

Economists were expecting a draw of 3.9M barrels. 

API data also showed that gasoline inventories rose by about 877,000 barrels last week, and distillate stocks increased by 3.9M barrels.

The official government inventory report due Wednesday is expected to show weekly U.S. crude supplies fell by about 3.6M barrels last week.

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