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US oil inventories rise despite export drop
U.S. crude oil inventories, excluding strategic petroleum reserve holdings, experienced a significant increase last week, marking the largest weekly rise since January 2023. Inventories rose by 17.4 million barrels to reach 424.4 million barrels, the highest level since June 5. This rise was driven by a decline in exports to their lowest level since November 2025, coupled with an increase in imports, which reached their highest point since June 2025. The increase is unusual, as exports decreased sharply while imports from Canada and Venezuela rose. Meanwhile, gasoline stocks declined, and market fundamentals continue to show challenges, with reserves remaining low and imports high. These trends could influence oil prices in the future.
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