Mubasher: The American Petroleum Institute reported a rise in crude inventories on Tuesday, taking the market by surprise as analysts had been expecting a decrease.
Crude inventories increased by 2.9 million barrels to reach 489.6 million barrels in the week ended 25 December.
The inventories data came contrary to expectations of a 2.5 million barrel decline in inventories.
Crude stocks at Cushing and Oklahoma rose by 923,000 barrels.
