FX.co ★ US Crude Oil Inventories Rise After 10 Weeks of Declines

US crude oil inventories rose by 2.998 million barrels to 411.3 million barrels in the week ended July 3, breaking a streak of ten consecutive weekly declines and defying market expectations for a 2.4 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub edged down by 52 thousand barrels. Refinery crude runs decreased by 172,000 barrels per day. Gasoline inventories fell by 1.904 million barrels to 212.1 million barrels, a larger draw than the 1.6 million barrels anticipated. Distillate stockpiles, which include diesel and heating oil, dropped by 4.98 million barrels to 103.6 million barrels, contrary to forecasts for a 0.6 million-barrel build. Net US crude imports increased by 1.096 million barrels per day.