US Crude Inventories Rise 9 Million Barrels

The American Petroleum Institute estimated that United States crude oil inventories rose by 9.072 million barrels for the week ending August 7. This increase significantly exceeded analyst expectations, which had predicted a draw of 500,000 barrels. The build was driven in part by crude imports outpacing exports.

Other fuel stocks saw declines during the same period, with gasoline inventories falling by 1.531 million barrels and distillate inventories decreasing by 596,000 barrels. Additionally, 6.1 million barrels were removed from the Strategic Petroleum Reserve, leaving a total balance of 298.7 million barrels.

Despite the inventory build, Brent and WTI crude prices traded higher on Tuesday, reaching $89.08 and $84.22 respectively. Market prices remained influenced by geopolitical tensions as Iran maintained its specific terms for traffic through the Strait of Hormuz.