API: Crude inventories rose by 3.5 million barrels in the week to Nov. 23

According to Reuters, the weekly report published by the American Petroleum Institue on Tuesday showed that crude oil inventories in the U.S. rose by 3.5 million barrels in the week ending November 23 to 442.7 million barrels to surpass the market expectation for an increase of 769,000 barrels.

Further details of the publication revealed that refinery crude runs rose by 433,000 barrels per day during that period while distillate fuels stockpiles rose by 1.2 million barrels.

Following a fairly muted initial reaction to the data, the barrel of West Texas Intermediate was last seen trading near $52 in post-settlement, adding nearly 1% on a daily basis.