API Reports Increase in U.S. Crude Oil Inventories
(MENAFN) The American Petroleum Institute (API) revealed on Tuesday a surprising build in U.S. crude oil inventories, reporting an increase of 1.539 million barrels for the week ending July 25. This rise starkly contrasts with analysts’ projections, which had anticipated a decline of 2.5 million barrels during the same period.
This unexpected inventory growth weighed on market expectations but instead triggered a notable rally in oil prices. On Tuesday, oil benchmarks surged sharply amid the inventory data release.
West Texas Intermediate (WTI) crude for September delivery gained $2.50 per barrel, a 3.75 percent jump, closing at $69.21 on the New York Mercantile Exchange. Similarly, Brent crude for September delivery climbed $2.47 per barrel, or 3.53 percent, ending the day at $72.51 on the London ICE Futures Exchange.
The inventory report and subsequent price spike highlight ongoing volatility in the oil market as traders react swiftly to unexpected supply data and weigh broader global demand concerns.
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