US oil inventories rise 19M barrels last week: API

Oil tanks

Crude oil inventories in the US recorded their highest weekly increase in almost 10 years, in a strong indication of weakening demand for crude in the world’s largest economy.

According to a report released by the American Petroleum Institute (API), crude oil inventories increased by about 19 million barrels last week, compared to expectations for a fall of about two million barrels.

This marks the largest weekly increase in at least a decade since the API began tracking the data.

Meanwhile, gasoline inventories declined by 4.53 million barrels, and distillate stocks—including diesel and heating oil—fell by 2.39 million barrels.

Investors are now awaiting the release of official inventory data from the Energy Information Administration (EIA) today, July 16, amid expectations that crude inventories will remain steady at around 426 million barrels.

At July 15 close, Brent crude futures for September delivery fell by 0.72%, or 50 cents, to $68.71 a barrel.

Meanwhile, WTI crude futures for August delivery declined by 0.69%, or 46 cents, to $66.52 a barrel.