Investing.com — U.S. crude oil futures were lower in post-settlement trading Wednesday after the American Petroleum Institute reported a much larger-than-expected jump in domestic inventories,
Crude Oil WTI Futures, the U.S. benchmark, recently traded at $71.51 a barrel following the report after settling up 0.7% at $71.99 a barrel.
U.S. crude inventories jumped by about 3.1 million barrels for the week ended Nov. 1, compared with a draw of 573,000 barrels reported by the API for the previous week. Economists were expecting a build of about 1.8M barrels.
Gasoline stockpiles fell by about 928,000 barrels, while distillate inventories — the class of fuels that includes diesel and heating oil — declined by 852,000 barrels.
The official government inventory report is due Wednesday at 10:30 a.m. EST (1530 GMT).
This post is originally published on INVESTING.
