By Yasin Ebrahim
Investing.com - U.S. oil stockpiles unexpectedly increased last week for the first time since Dec. 22, denting optimism somewhat that supplies would continue to tightened amid sluggish pandemic-impacted demand.
U.S. crude inventories rose by 2.56 million barrels last week, according to an estimate released Tuesday by the American Petroleum Institute, after a draw of 5.82 million barrels the previous week. Gasoline inventories rose by 1.13 million barrels and distillate stocks increased by 816,000 barrels.
Crude Oil WTI Futures, the U.S. benchmark for oil, fell 1 cent cents higher after settling up 26 cents at $53.24 per barrel.
The official government report due Friday is expected to show weekly U.S. crude supplies decreased by about 1.17 million barrels last week.