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API estimates US crude inventories rose by 9.1 million barrels

API data also showed 6.1 million barrels were released from the Strategic Petroleum Reserve in the week ending August 7.

Reported · Written up by our desk · Energy

The American Petroleum Institute estimated that US commercial crude oil inventories rose by 9.072 million barrels in the week ending August 7, reversing expectations for a 500,000-barrel draw, OilPrice reported. In the prior week, inventories rose by 2.69 million barrels.

OilPrice said the larger-than-expected build was tied in part to higher crude imports relative to exports during the week. The outlet also noted that commercial crude inventories excluding the SPR have fallen by just over 49 million barrels over the past 17 weeks.

For the SPR, OilPrice reported that another 6.1 million barrels left the reserve, bringing the new total to 298.7 million barrels. It added that the level remains 433 million barrels below maximum capacity, with the operational minimum generally cited between 250 million and 300 million barrels.

On production, OilPrice said US output for the week ending July 31 rose to 13.804 million barrels per day, up from 13.796 million the previous week and up 600,000 bpd from a year earlier. The article also referenced Brent trading up to about $89.08 per barrel at 3:57 pm ET on Tuesday, after Iran held steady on terms allowing unobstructed traffic through the Strait of

Latest closeWTI crude $82.30 ▲5.3%|Brent $87.85 ▲5.2%

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