US oil inventories rose against expectations last week, while gasoline inventories rose.
Data from the US Energy Information Administration showed that crude oil inventories rose by 4.5 million barrels for the week ending July 29, 2022, while expectations were for a drop of 1.4 million barrels.
While gasoline stocks in the United States rose by 200,000 barrels, distillate stocks fell by 2.4 million barrels.
Oil prices fell when they settled on Wednesday, after a sudden rise in crude stocks in the United States and after the (OPEC +) decision on production.
And (OPEC +) agreed yesterday to increase oil production by 100,000 barrels per day during the month of next September, noting that the limited spare capacity requires its use with extreme caution in response to strong supply interruptions.
And the price of the futures contracts for the benchmark Brent crude for October delivery witnessed a decline yesterday by 3.7%, or the equivalent of $3.76, to reach $96.78 a barrel.
Yesterday, the price of US NYMEX crude for September delivery fell by about 4%, or the equivalent of $3.76, to record $90.66 a barrel.
