US crude oil inventories rose last week, signaling weak demand in the world’s largest economy despite expectations of increased seasonal consumption during the summer, according to the American Petroleum Institute (API).
In a report published on July 8, API said that US crude inventories increased by 7.1 million barrels during the week ended July 4, contrary to expectations for a 2.8 million barrel decline.
Despite this, gasoline inventories increased by 2.2 million barrels during the same period, in addition to an 800,000-barrel increase in distillate stocks — which include diesel and heating oil.
Investors are now awaiting the release of official inventory data from the Energy Information Administration (EIA) today, July 9, which is expected to show a 1.7 million barrel drop, following a 3.8 million barrel increase in the previous week.
At Tuesday’s close, Brent crude futures for September delivery rose by 0.82%, or 57 cents, to $70.15 a barrel.
Meanwhile, WTI crude futures for August delivery increased by 0.59%, or 40 cents, to $68.33 a barrel.
US crude oil inventories rose last week, signaling weak demand in the world’s largest economy despite expectations of increased seasonal consumption during the summer, according to the American Petroleum Institute (API).
In a report published on July 8, API said that US crude inventories increased by 7.1 million barrels during the week ended July 4, contrary to expectations for a 2.8 million barrel decline.
Despite this, gasoline inventories increased by 2.2 million barrels during the same period, in addition to an 800,000-barrel increase in distillate stocks — which include diesel and heating oil.
Investors are now awaiting the release of official inventory data from the Energy Information Administration (EIA) today, July 9, which is expected to show a 1.7 million barrel drop, following a 3.8 million barrel increase in the previous week.
At Tuesday’s close, Brent crude futures for September delivery rose by 0.82%, or 57 cents, to $70.15 a barrel.
Meanwhile, WTI crude futures for August delivery increased by 0.59%, or 40 cents, to $68.33 a barrel.
