U.S. crude oil futures fell after inventory increase

U.S. crude oil prices fell on Tuesday after a report showed a larger-than-expected increase in domestic crude stockpiles. The American Petroleum Institute indicated that oil inventories rose by 4.5 million barrels for the week ending March 14. This was above economists’ predictions of only a 1.2 million barrel increase. Crude Oil WTI Futures traded at $66.57 a barrel after settling down 1% at $66.90. Gasoline stockpiles decreased by about 1.7 million barrels, while distillate inventories, which include diesel and heating oil, fell by 2.1 million barrels. An official government inventory report is expected to be released on Wednesday at 10:30 a.m. ET.