US crude oil inventories rise by 1.25M barrels last week: API

Oil tanks

US crude oil inventories rose in the week ended Sept. 5, signaling weakening energy demand in the world’s largest economy following the end of the summer driving season.

According to a report issued by the American Petroleum Institute (API), commercial crude inventories rose by 1.25 million barrels last week.

Gasoline inventories added 329,000 barrels, and distillate stocks — including diesel and heating oil — also increased by 1.5 million barrels.

Investors are now awaiting official data from the US Energy Information Administration (EIA) with forecasts pointing to a decline of 1.9 million barrels in crude inventories.

At the Sept. 9 close, November Brent crude futures inched up 0.56%, or $0.37, to $66.39 a barrel, while October WTI futures gained 0.59%, or $0.37, to $62.63 a barrel.