US oil futures stumble after API repot shows jump in domestic crude stockpiles

Investing.com -- U.S. crude oil futures were lower in post-settlement trading Tuesday 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).

Source: Investing.com