API data shows an unexpected build in crude inventories despite prior draws and ongoing Strategic Petroleum Reserve releases.
US crude oil inventories increased by 2.69 million barrels for the week ended July 30, contrary to analyst expectations of a 2 million barrel draw. The build follows a 3.3 million barrel decline in the previous week, marking a shift in inventory trends.
Commercial crude stocks, excluding the Strategic Petroleum Reserve, have dropped by 58 million barrels over the last 16 weeks. Year-to-date, total US crude inventories are down just 7.2 million barrels, partly offset by SPR releases.
Market participants are monitoring the data as Washington discusses potential geopolitical developments that could influence oil supply dynamics.