11 July
American oil prices decline following API reports of unexpected inventory gains
American oil prices declined on Tuesday following industry data showing a surprise weekly domestic crude inventory increase. This information was provided by the news portal Investing based on the American Petroleum Institute (API) report.
The benchmark US grade, West Texas Intermediate (WTI), settled 0.2% lower at $62.56 per barrel and was intraday trading near $62.26, as noted by Investing.
The API reported a 2.5 million barrel accumulation in crude inventories last week, contradicting analysts' projections of a 1.9 million barrel drawdown. This follows a 4.3 million barrel increase in the week prior to that.
Concurrently, gasoline stocks drew down 3.2 million barrels, while distillate fuel reserves fell by 1.4 million barrels. Market participants now await confirmation from Wednesday's Energy Information Administration (EIA) report.
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