API data shows a second consecutive weekly build in US crude inventories, offsetting Strategic Petroleum Reserve releases.
US crude oil inventories increased by 3.296 million barrels in the week ending July 24, marking a second straight weekly rise. The build comes despite disruptions in the Strait of Hormuz, a key oil transit route, and ongoing geopolitical risks in the Middle East.
The prior week saw inventories grow by 2.603 million barrels. Over the last 15 weeks, commercial crude stocks excluding the Strategic Petroleum Reserve (SPR) have declined by 54 million barrels, though total US crude inventories are down just 3 million barrels year-to-date. The SPR released another 3.7 million barrels last week, continuing efforts to stabilize markets.
The data highlights persistent supply dynamics amid fluctuating demand and strategic stock adjustments.