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US oil futures slip after surprise API build

Investing.com -- U.S. crude oil futures fell in post-settlement trading Tuesday after the American Petroleum Institute reported domestic crude stocks unexpectedly jumped last week, muddying expectations for a seasonal pick up in energy demand over the summer.      

Crude Oil WTI Futures, the U.S. benchmark, traded at $72.93 a barrel following the report after settling down 1.3% at $73.25 a barrel.

U.S. crude inventories  increased by about 4.0 million barrels for the week ended May. 29, compared with a draw of 6.5M barrels reported by the API for the previous week. Economists were expecting a decrease of 1.9M barrels. 

Gasoline stockpiles rose by 4.03M barrels, while distillate inventories -- the class of fuels that includes diesel and heating oil -- increased by 2.0M barrels.  

The build in both crude and product followed data in the prior week that showed a fall in gasoline demand by 2% week-on-week even as refinery activity hit multi-month highs

The official government inventory report is due Wednesday at 10:30 a.m. EST (1530 GMT).


Crude futures settled lower earlier Tuesday, as OPEC+ signaled it will begin tapering off its production cuts this year just as demand worries intensified following weak data from major oil consumer China.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.