On Tuesday, July 29th, data released by the American Petroleum Institute (API) showed that US crude and distillate inventories increased last week, while gasoline inventories decreased.

During the week ending July 25th, crude oil inventories increased by 1.54 million barrels. Gasoline inventory decreased by 1.74 million barrels, while distillate inventory increased by 4.19 million barrels.

Analysts originally expected that US crude oil inventories would decrease by 1.3 million barrels last week, gasoline inventories would decrease by 600,000 barrels, and diesel inventories would increase by 300,000 barrels.

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