US Crude oil inventory poised to rise above expectations

Ahead of US official government data scheduled release on Wednesday, the privately surveyed oil stock data has been released:

Crude +1.860M vs. +1.4M barrels expected.

Gasoline +1.290M vs. +0.1M bbls expected.

Distillate -2.153M vs +1.2M expected.

Cushing +0.523M.

WTI crude for August delivery closed up US$1.62 to US$104.22 per barrel a day prior to the contract’s expiry. September Brent crude, the global benchmark, was last seen up US$1.12 to US$107.39, while Western Canada Select was up US$1.75 to US$80.47 per barrel.

The bid in oil comes even with supplies from Libya returning to the global oil market. The country’s National Oil Company lifted the force majeure declared when political protests forced the closure of oil fields and infrastructure.