The American Petroleum Institute reported Tuesday that U.S. crude oil inventories rose last week, indicating weak energy demand in the world's largest economy.
The report stated that crude oil inventories increased by 1.539 million barrels during the week ending July 25, contrary to expectations for a 2.5 million barrel decline.
In contrast, gasoline inventories fell by 1.74 million barrels, but distillate inventories—which include diesel and heating oil—rose by 4.189 million barrels.
Oil markets are awaiting the release of official inventory data from the U.S. Energy Information Administration on Wednesday, amid expectations for a 2.3 million barrel decline.
Brent crude futures for September delivery settled up 3.53%, or $2.47, at $72.51 a barrel.
US Nymex crude futures for September delivery rose 3.75%, or $2.50, to $69.21 a barrel.
