US crude oil inventories increased by 14.227 million barrels last week, according to this week's American Petroleum Institute (API) inventory report.

    Supplies at the Cushing, Oklahoma, facility also rose this week by 624,000 barrels, while refiners' demand for crude fell 28,000 barrels per day, API data showed.

    The API also reported a 2.9-million-barrel build in gasoline inventories, and a 1.4-million-barrel build to distillates.