US Oil Inventories See Significant Shift

In an unexpected turn of events, crude oil inventories in the United States witnessed a decrease of 577,000 barrels for the week ending July 18, according to private data from the American Petroleum Institute (API). This development has caught the attention of market analysts and investors alike.

Mixed Movements in Distillate and Gasoline Stocks

While distillate inventories saw an increase of 3.5 million barrels, gasoline stockpiles experienced a decline of 1.2 million barrels. This mixed trend highlights the volatile nature of the oil market.

Cushing Reserves on the Rise

Adding to the week's notable figures, reserves in Cushing, Oklahoma, reportedly rose by 314,000 barrels. These changes are pivotal for stakeholders monitoring the oil sector's dynamics.