By Yasin Ebrahim

Investing.com — U.S. crude oil stockpiles increased more than anticipated last week according to the API. However, this did not dampen optimism after a substantial drop in gasoline supply at a time when China demand is likely to recover.  

After the report’s 6.7% increase in $100.60,, the U.S. benchmark oil, was traded at $100.80 a barrel.

For the week ended April, it rose 7.8 millions barrels. 7. This is compared to the API’s previous week report of an increase of 1.1million barrels. Analysts expected a drop of around 1.4 million barrels. 

As Covid-19 Lockdown measures were eased, worries over the effect on global demand have been eased by Tuesday’s move above $100 per barrel

Data from API also revealed that gasoline inventories dropped by 5.0 Million barrels and distillate stock increased by 5.0.

On Wednesday, the official government inventory report is due to reveal that weekly U.S. crude oil consumption rose by approximately 863,000 barrels.