API data shows a surprise inventory build, contrasting with a 57 million barrel draw over the past 13 weeks.
US crude oil inventories increased by 2.603 million barrels for the week ending July 17, reversing a 564,000-barrel decline the prior week. The build comes despite a broader trend of falling commercial inventories, which have dropped 57 million barrels over the last 13 weeks.
Year-to-date, crude inventories are only down 7 million barrels, with strategic petroleum reserve draws offsetting some of the decline. Persistent shipping disruptions in the Hormuz Strait continue to weigh on market sentiment.
The data highlights ongoing volatility in crude supplies amid geopolitical tensions and shifting inventory dynamics.