According to today's oil price report on February 4, the American Petroleum Institute (API) on Tuesday estimated that crude oil inventories rose 4.18 million barrels in the week ending January 31, exceeding expectations, while analysts expected 2.8 million barrels.

According to API data, crude oil inventories unexpectedly surged 4.27 million barrels last week. However, the EIA estimates an increase of 3.5 million barrels.

Oil prices fell in the afternoon, with WTI benchmark prices down $0.23 (0.46%) to $49.88 at 3:39 p.m. EDT on Tuesday, down more than $3 from last week. Brent also lost $0.22 (0.40%) a barrel to $54.23 on Tuesday, down more than $4 a barrel from last week's price. Overall, benchmark prices have fallen by more than $10 since the beginning of the year.

This week API also reported an increase of 1.96 million barrels of gasoline for the week ended January 31, another increase after last week's surge of 3.27 million barrels, while analysts forecast an increase of 2.057 million barrels. This week's distillate stocks were down 1.78 million barrels, compared with an increase of 141,000 barrels last week, while Cushing's stocks were up 960,000 barrels.

US crude oil production, estimated by the EIA, remained at 13 million barrels for the third week in a row as of January 24, a record high in the US. At 4:39 p.m. EDT, both benchmark prices fell further, with WTI trading at $49.63 and Brent crude trading at $54.00.

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