US oil futures unchanged despite API showing surprise build in US crude stocks
Crude Oil WTI Futures, the U.S. benchmark, recently traded at $65.54 a barrel following the report after settling up $0.34, or 0.5%, at $65.45 barrel.The positive start for oil prices followed a recent retracement as the geopolitical risk premium continues to be price out of prices after Israel and Iran agreed a ceasefire.
U.S. crude inventories rose by about 680,000 barrels for the week ended Jun. 28, compared with a decline of 4.3M barrels reported by the API for the previous week and expectations for an decrease of about 2.3M barrels.
Gasoline stockpiles increased by 1.9M barrels, while distillate inventories -- the class of fuels that includes diesel and heating oil -- fell by about 3.4M barrels.
The official government inventory report is due Wednesday at 10:30 a.m. EDT (1430 GMT).
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