US crude oil inventories rise more than 900,000 barrels: API

Oil tanks

The US crude oil inventories increased by 914,000 barrels for the week ended June 21, the American Petroleum Institute (API) said.

In its weekly report, API added that gasoline stocks rose by 3.84 million barrels last week, while distillate stocks—which include diesel and heating oil—fell by about 1.18 million barrels.

At the close of trading on June 25, Brent crude futures for August delivery dropped by 1.15%, or $1, to settle at $85.01 per barrel.

Meanwhile, prices of US WTI crude for August delivery—the most actively traded contract—eased 1%, or 80 cents, to $80.83 per barrel.