US oil inventories add 500,000 barrels last week: API

08/05/2024 Argaam

US oil inventories add 500,000 barrels last week: API

Oil tanks

US oil inventories rose by 509,000 barrels during the week ended May 3, the American Petroleum Institute (API) data showed.

 

Gasoline stocks increased by 1.46 million barrels last week, while distillate stocks – including diesel and heating oil – rose by about 1.7 million barrels.

 

Brent crude futures for July delivery fell by 0.2%, or 17 cents, to close at $83.16 per barrel on May 7, after rising during trading to $83.88.

 

WTI crude for June delivery fell by 0.15%, or 10 cents, at $78.38 per barrel, after touching $79.17 during trading.

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