US Oil Inventories See Significant Increase

In a surprising turn of events, crude oil inventories in the United States have surged by 19.1 million barrels in the week ending July 11, as per the latest data from the American Petroleum Institute (API). This notable increase has caught the attention of market analysts and investors alike.

Mixed Movements in Other Fuel Categories

While crude stocks rose, distillate inventories experienced a decline of 2.3 million barrels, and gasoline stockpiles decreased by 4.5 million barrels. Additionally, reserves in Cushing, Oklahoma, saw a slight reduction of 980,000 barrels during the same period, highlighting a mixed bag of movements across different fuel categories.