By Yasin Ebrahim

Investing.com — The API reports that the U.S. crude inventories increased more than anticipated last Tuesday. However, this did not stop the momentum of oil prices amid decreasing concerns about weakening supply.    

, the U.S. benchmark, traded at $101.67 barrel following the report after settling up 3.2% at $101.70 per barrel.

For the week ended April, it rose by 4.8 Million barrels 21. This is compared to the API’s previous week report of an increase of 4.5million barrels. Analysts expected an increase in barrels of approximately 2.2million. 

As another possible lockdown looms, demand worries have eased somewhat following China’s statement that it will support its economy.

According to API data, gasoline inventories dropped by 3.9 Million barrels while distillate stock increased by 431,000 barrels.

Expect the weekly U.S. increase to be about 2.0million barrels in Wednesday’s official government inventory report.