Oil inventories rose by 7.7 million barrels, compared to expectations of a decline of 2.6 million barrels and a previous decline of 3.2 million barrels. The API report showed an increase in inventories of 1.5 million barrels.
However, gasoline stocks fell by 2.7 million barrels, compared to expectations of a decline of 1.1 million barrels and a previous decline of 1.7 million barrels.
Despite the increase in inventories, oil prices remain elevated after a strong rise during yesterday's session. The report suggests lower oil refining, which resulted in today's strong increase, but at the same time, demand for fuel remains strong.
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