‎US crude inventories add 2.7M barrels: API

US crude oil inventories increased by nearly 2.7 million barrels in the week ended July 31, the American Petroleum Institute (API) said on Aug. 4.

Gasoline inventories added 156,000 barrels, while distillate inventories — including diesel and heating oil — fell by 1.23 million barrels.

Advertisement

Official data from the US Energy Information Administration (EIA) is due today, Aug. 5, with expectations pointing to a 1.2 million barrel-decline in crude oil inventories.

At Tuesday’s settlement, Brent crude futures for October delivery fell 5.26%, or $4.40, to $79.36 a barrel, while US WTI crude futures for September delivery dropped 5.69%, or $4.57, to $75.77 a barrel.

US crude oil inventories increased by nearly 2.7 million barrels in the week ended July 31, the American Petroleum Institute (API) said on Aug. 4.

Gasoline inventories added 156,000 barrels, while distillate inventories — including diesel and heating oil — fell by 1.23 million barrels.

Official data from the US Energy Information Administration (EIA) is due today, Aug. 5, with expectations pointing to a 1.2 million barrel-decline in crude oil inventories.

At Tuesday’s settlement, Brent crude futures for October delivery fell 5.26%, or $4.40, to $79.36 a barrel, while US WTI crude futures for September delivery dropped 5.69%, or $4.57, to $75.77 a barrel.