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Rising inventories keep oil steady above $91
The data indicates that U.S. crude oil inventories increased by 4.4 million barrels during the week ending August 14, reaching 428.8 million barrels. This marks the second consecutive week of gains, with a total increase of 21.8 million barrels over these two weeks. Despite this, oil prices remained stable, supported by the ongoing risk of global supply disruptions, which continued to drive prices higher despite the inventory buildup. Additionally, the amount of oil refined by American refineries rose by 216,000 barrels per day, reaching a utilization rate of 97.2%. Gasoline inventories increased by 700,000 barrels to 209.4 million barrels, while distillate stocks declined by 1.5 million barrels. U.S. net oil imports decreased by 1.75 million barrels per day, reflecting ongoing pressures on fuel supplies. Oil prices edged up slightly following the release of the data, with Brent crude at $91.85 and WTI at $86.08 per barrel, amid continued concerns about potential disruptions in supply through the Strait of Hormuz.
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