Investing.com – U.S. crude oil futures were lower in after-settlement trading Tuesday after the American Petroleum Institute reported a much larger-than-expected rise in weekly domestic crude oil inventories due to disruptions weather-related impacts on U.S. energy infrastructure.
the US benchmark, recently traded at $73.91 following the release of the report, having fallen 4.6% to $73.57.
Oil prices were heavily influenced by easing concerns over conflict in the Middle East, following reports that Hezbollah was seeking a ceasefire with Israel.
Oils rose by about 10.9 million barrels in the week ended Oct. 4, compared to a decline of 1.46 million barrels reported by API in the previous week. Economists had expected an increase of around 1.9 million barrels.
Gasoline stocks fell by about 557,000 barrels, while stocks of distillates – the category of fuels that includes diesel and gasoline – fell by 2.59 million barrels.
The report is expected Wednesday at 10:30 a.m. EST (1530 GMT).
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