United States crude oil stocks increased by 2.5 million barrels last week. Refinery processing eased slightly, and crude imports saw a modest rise. Gasoline inventories fell by 1.6 million barrels, while distillates decreased significantly. Cushing, Oklahoma, oil inventories also rose above operational requirements. This data led to a decline in U.S. crude futures prices.

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 2.69 million barrels in the week ending July 30

Crude oil inventories in the United States saw an increase of 2.5 million barrels during the week ending July 31, according to new data from the U.S. Energy Information…