U.S. oil inventories rise as prices drop

Source: Xinhua | 2018-05-02

The American Petroleum Institute (API) Tuesday reported a large buildup of 3.427 million barrels of United States crude oil inventories for the week ending April 27.

The report was different to analyst expectations that this week would see a small increase in crude oil inventories.

Last week, the API reported a draw of 1.099 million barrels of crude oil.

According to the API, U.S. gasoline inventories rose as well for the week ending April 27, in the amount of 1.602 million barrels.

Oil prices dropped on Tuesday as the U.S. dollar continued to rise against most major peers.