US Crude Inventories Rise by 9 Million Barrels Against Forecasts as Brent Nears $89

The American Petroleum Institute (API) said in a report published Tuesday, August 11, 2026 (20 Mordad 1405), that US crude oil inventories rose by 9.072 million barrels in the week ending August 7 (16 Mordad), against analyst expectations for a 500,000 barrel draw. Strategic Petroleum Reserve stocks fell a further 6.1 million barrels the same week to 298.7 million barrels.

US crude production for the week ending July 31 (9 Mordad) rose to 13.804 million barrels a day, up about 600,000 barrels a day from a year earlier. According to the report, at 3:57pm US Eastern time on Tuesday, Brent crude was trading up 1.55 percent at $89.08 a barrel and WTI up 1.42 percent at $84.22, with Brent up nearly $10 a barrel from a week earlier.