U.S. crude inventories rose less than forecast last week, easing concerns over oversupply as gasoline stocks declined sharply.
U.S. commercial crude inventories increased by 0.1M barrels for the week ended August 21, reaching 428.9M barrels. The build was significantly smaller than the prior week’s 4.4M-barrel rise and below the 1.600M-barrel consensus estimate.
Gasoline stocks fell by 2.5M barrels, contrasting with the crude build and suggesting stronger demand. The data follows a volatile period for oil markets, with recent inventory fluctuations influencing price movements.
Markets may view the smaller-than-expected crude build as a sign of tightening supply, though broader macroeconomic factors continue to weigh on sentiment.