U.S. oil stocks rise by 2.5 million

U.S. Energy Information Administration data showed a rise of 2.5 million barrels in commercial crude oil inventories in the United States for the week ending July 31, reaching 407 million barrels, despite refineries operating at 96.5%. Gasoline inventories decreased by 1.6 million barrels, and distillate fuel stocks fell by 3.5 million barrels. Meanwhile, propane and propylenes inventories increased by 32%, reaching their highest levels in five years. Crude oil imports also rose to 6.2 million barrels per day, amid a decline in demand for petroleum products, particularly gasoline and distillates, although demand for gasoline, distillates, and aviation experienced slight increases.

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