Industry Weekly Report: Last week, API crude oil inventories in the US increased by 6.5 million barrels, while gasoline inventories sharply decreased by 5.7 million barrels.

According to data from the American Petroleum Institute (API), last week, US crude oil inventories increased by 6.5 million barrels, following a decrease of 4 million barrels the week before. Last week, API reported an increase of 400,000 barrels in crude oil inventories at Cushing, compared to an increase of 1.735 million barrels the previous week. Additionally, API reported a decrease of 5.7 million barrels in gasoline inventories and a decrease of 2.5 million barrels in distillate inventories.