Oil futures fall after API data shows big rise in US crude inventories by Investing.com

Investing.com — U.S. crude oil futures were lower in post-settlement trading on Tuesday after the American Petroleum Institute reported a much larger-than-expected rise in weekly crude inventories amid weather-related infrastructure disruptions US energy companies.

the US benchmark recently traded at $73.91 a barrel following the report, after falling 4.6% to $73.57 a barrel.

Oil prices were heavily pressured by easing concerns about the wider Middle East conflict amid reports that Hezbollah is seeking a ceasefire with Israel.

rose about 10.9 million barrels for the week ended Oct. 4, compared with a 1.46 million barrel draw reported by the API for the previous week. Economists had expected an increase of about 1.9 million barrels.

Gasoline stocks fell by about 557,000 barrels, while distillate stocks — the fuel class that includes diesel and — fell by 2.59 million barrels.

The report will take place on Wednesday at 10:30 AM EST (1530 GMT).