US oil inventories rise 1.5M barrels last week: API

Oil tanks

US crude oil inventories rose last week, signaling weak demand in the world’s largest economy, according to a report released by the American Petroleum Institute (API).

Crude oil inventories increased by about 1.54 million barrels in the week ended July 25, compared to expectations for a fall of about 2.5 million barrels.

Meanwhile, gasoline inventories declined by 1.74 million barrels, while distillate stocks—including diesel and heating oil—rose by 4.18 million barrels.

Investors are now awaiting the release of official inventory data from the Energy Information Administration (EIA) today, July 30, amid expectations that crude inventories will fall by nearly 2.3 million barrels.

At July 29 close, Brent crude futures for September delivery increased by 3.53%, or $2.47, to $72.51 a barrel.

Meanwhile, WTI crude futures for September delivery added 3.75%, or $2.50, to $69.21 a barrel.