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US crude oil inventories increased by 2.011 million barrels in the week ended July 17, defying market expectations for a draw of 1.25 million barrels. Stocks at the Cushing, Oklahoma, delivery hub declined by 674 thousand barrels over the same period.
US gasoline inventories rose by 765 thousand barrels, in contrast with forecasts for a 1.54 million-barrel decrease. Distillate stockpiles—which include diesel and heating oil—climbed by 1.395 million barrels, exceeding expectations for a 0.83 million-barrel build. Net US crude imports rose by 485 thousand barrels per day.
