West Texas Intermediate futures for August delivery advanced to $57.12 ( 0.28%) after yesterday's decline. This decline was caused by data from the Energy Information Administration, which showed that U.S. crude inventories rose by 2.4 million barrels in the week ending June the 26th (the first weeks increase since April). Meanwhile Brent crude for August advanced to $62.28 ( 0.44%) a barrel.
The stockpiles data came in after the previous report showed that U.S. oil production rose by 0.2%. Supply from the Organization of the Petroleum Exporting Countries rose to a three-year high of 31.60 million barrels a day in June from 31.30 million barrels a day in May.
The Energy Information Administration also reported that distillate stockpiles, which include diesel and heating oil, rose 392,000 barrels. Gasoline stocks fell 1.8 million barrels.