By Yasin Ebrahim

Investing.com — U.S. crude oils inventories rose last Week, surprising expectations of a fall at a time where fears about a shortage are high. This is because summer driving speeds up and jet fuel recovers to drive demand higher.     

The U.S. benchmark oil traded at $119.58/barrel following the report, after rising 0.77% to $119.41 per barrel

For the week ending June 2, it increased by approximately 1.8 million barrels. That compared with a draw of 1.2 million barrels reported by the API for the previous week. Analysts expected a drop of around 1.8 million barrels. 

API data showed that gasoline inventories increased by 1.8 Million barrels while distillate stock declined by approximately 3.4 Million barrels. 

Having topped $5 a gallon in 13 states across the U.S., gas prices are expected to continue to edge higher as refinery runs struggle to keep up with demand. 

Expect the official government inventory report to be due Thursday. It will show that weekly U.S. crude oil consumption fell by approximately 1.9 million barrels last Wednesday.