US oil inventories rise 1.5M barrels last week: API

Oil tanks

Crude oil and distillate inventories in the US rose last week, while gasoline stocks declined, according to a report released by the American Petroleum Institute (API).

US oil inventories rose by 1.52 million barrels during the week ended Aug. 8, compared to Wall Street Journal’s expectations for a fall of about one million barrels.

Distillate stocks jumped by 295,000 barrels during the same week, compared to expectations of 500,000 barrels rise.

Gasoline stocks fell by about 1.78 million barrels, compared to expectations of a 600,000 barrels drop.

At Aug. 12 close, Brent crude futures for October delivery fell by 0.8%, or 51 cents, to $66.12 a barrel.

Meanwhile, WTI crude futures for September delivery declined by 1.25%, or 79 cents, to $63.17 a barrel.