API Reports Steep Increase In U.S. Crude Inventories

The American Petroleum Institute late Tuesday reported crude inventories declined by 6.5 million barrels in the week ended Nov. 28, according to reports. The trade group also reported gasoline inventories were unchanged and stockpiles of distillates rose by 2.5 million barrels. The API report comes a day ahead of the more closely watched data from the Energy Information Administration. Analysts polled by Platts expect the EIA to report an increase in crude inventories by 380,000 barrels.