API: US oil inventories rise 2.6 million barrels

Oil tanks

Commercial oil inventories in the United States rose during the week ending July 17 according to estimates from the American Petroleum Institute, alongside an increase in distillate inventories, including diesel. The Institute said in a report released Tuesday that commercial crude oil inventories rose by 2.603 million barrels last week. The report revealed that gasoline inventories fell by 1.379 million barrels during the same period, while distillate inventories - including diesel and heating oil - increased by 1.759 million barrels. Official data from the Energy Information Administration is scheduled for release Wednesday, amid expectations of a decline in commercial crude oil inventories of 1 million barrels. At the settlement of Tuesday's trading, Brent crude futures for September delivery rose 2% or $1.79 to $91.01 per barrel, and U.S. Nymex crude futures for August delivery rose by the same percentage or $1.68 to $84.91 per barrel.

American Petroleum Institute

US oil inventories

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