US oil inventories rise 680,000 barrels last week: API

Oil tanks

Crude oil inventories in the US rose last week, while distillate stockpile decreased, offering mixed signals on fuel consumption in the world’s largest economy, despite expectations of a demand rebound during the summer season.

Crude oil inventories in the US rose in the week ended June 27, according to a report released by the American Petroleum Institute (API) against expectations of a 2.26 million-barrel drawdown.

Meanwhile, gasoline inventories rose by 1.92 million barrels, and distillate stocks—including diesel and heating oil—fell by 3.45 million barrels.

Investors are now awaiting official inventory data from the Energy Information Administration (EIA) due today July 2, with consensus forecasts pointing to a 3.5 million-barrel decline, following a 5.8 million-barrel drop the previous week.

At the close of July 1 trading session, Brent crude futures for September delivery rose by 0.55%, or 37 cents, to settle at $67.11 per barrel, while WTI crude futures for August delivery inched up 0.52%, or 34 cents, ending the session at $65.45 per barrel.