US oil futures dip after API inventory shows massive build in US crude stocks

Investing.com -- U.S. crude oil futures dipped slightly from post-settlement levels Tuesday as the American Petroleum Institute reported a large unexpected jump in weekly domestic crude inventories.

Crude Oil WTI Futures, the U.S. benchmark, recently traded at $68.36 a barrel following the report after settling up $0.40, or 0.6%, at $68.33 barrel.

U.S. crude inventories rose by about 680,000 barrels for the week ended Jul. 4, compared with a decline of 2.8M barrels reported by the API for the previous week and expectations for an decline of about 680,000 barrels.

Gasoline stockpiles decreased by 2.2M barrels, while distillate inventories -- the class of fuels that includes diesel and heating oil -- fell by about 800,000 barrels.

The official government inventory report is due Wednesday at 10:30 a.m. EDT (1430 GMT).