API: US crude oil inventories rose by more than 7 million barrels over week

The market's expectations of a decline in crude stocks were refuted. On Wednesday, trade group API reported last week's increase in U.S. crude inventories. The gain amounted to several million barrels. 

According to the American Petroleum Institute (API), oil reserves added 7.6 million barrels over the week. Earlier it was 14,865 million barrels.

The API posts approximate figures of the upcoming official data from the U.S. Energy Information Administration (EIA). The exact statistics are to be published this Thursday.

The EIA is expected to report a 593,000 barrel decline in fuel reserves compared to last week's 18.962 million barrel increase.

A reduction in black gold reserves usually leads to an increase in oil prices and vice versa.