- US crude inventories rose by 3.7 million barrels in the week to Aug. 10.
- Distillates stocks were also higher-than-anticipated, gasoline stocks decline sharply.
The barrel of West Texas Intermediate crude oil shed some additional 50 cents after the close, following the API report offering an unexpected build of US crude oil stocks last week. Distillate stocks were also up, while gasoline inventories decrease.
The data released by the American Petroleum Institute on Tuesday showed that crude inventories rose by 3.7 million barrels in the week to Aug. 10 to 410.8 million, compared with analysts’ expectations for a decrease of 2.5 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.6 million barrels. Gasoline stocks fell by 1.6 million barrels, compared with analysts’ expectations in a Reuters poll for a 583,000-barrel decline.
US EIA stocks’ change for the week ended August 10, is expected to show a decrease of 2.667M barrels, doubling the previous’ weekly decline of 1.351M.
West Texas Intermediate crude pierced the 67.00 level after settling above it in the COMEX, poised to retest its recent multi-week lows.
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