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The US crude oil storage volume increased

The American Petroleum Institute (API) said the volume of the US strategic crude oil reserves increased last week.

According to Reuters, data from the American Petroleum Institute (API) Industrial Group on Tuesday showed that the volume of the US crude oil storage volume increased last week while gasoline storage increased and petroleum products decreased.

The Strategic US crude stockpiles increased by 6 million barrels a week to 7 February, reaching a total of 438,900,000 barrels a day. Earlier analysts had predicted that the increase would be 3 million barrels.

According to the American Petroleum Institute, Cushing Oklahoma crude oil storage has increased by 1,300,000 barrels.

Data from the institute showed that the US crude oil imports has increased by 111 thousand barrels per day last week.

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