US crude oil inventories rise as fuel stocks decline

US crude oil inventories rose sharply by about 9.1 million barrels in the week ended August 7, according to API data cited by market sources, while refined product stocks tightened. Gasoline inventories fell by 1.5 million barrels and distillate inventories dropped by 596,000 barrels. The report suggests a mixed supply picture: crude build could weigh on WTI prices, but lower fuel stocks may support refining margins and indicate resilient demand. The article also notes WTI crude futures were trading higher, up 1.34% at $83.23, and Brent was up 0.55% at $89.45 at the time of reporting.