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Oil Prices Slammed After API Reports Surprise Build In Crude Inventories

Oil Prices Slammed After API Reports Surprise Build In Crude Inventories

The American Petroleum Institute (API) reported a surprise build of 1.779 million barrels in United States crude oil inventories, compared to S&P Global Platts survey of analysts who expected a draw of 2.8 million barrels for the week ending July 21. This week’s build comes after a major draw last week.

Gasoline inventories fell this week, more sharply than expected, with a 4.827-million-barrel draw for the week ending July 28, compared to analyst expectations that inventories for the fuel would fall by 1.3 million barrels.

Distillate inventories also fell this week, by 1.225 million barrels, while inventories at the Cushing, Oklahoma, site increased by 2.562 million barrels.