US crude oil inventories rise by 622,000 barrels last week: API

04/09/2025 Argaam

API says US crude oil inventories rose in the week ended Aug. 29

US crude oil inventories rose in the week ended Aug. 29, signaling a potential decline in fuel demand following the end of the summer driving season.

 

According to a report issued by the American Petroleum Institute (API), commercial crude inventories rose by 622,000 barrels last week, compared with expectations for a drop of 3.4 million barrels.

 

Gasoline inventories fell by 4.57 million barrels, while distillate stocks — including diesel and heating oil — increased by 3.68 million barrels.

 

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

 

At the Sept. 3 close, November Brent crude futures fell 2.23%, or $1.54, to $67.60 a barrel, while October WTI futures dropped 2.47%, or $1.62, to $63.97 a barrel.

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